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dc.contributor.authorBenhabib, Jessen
dc.contributor.authorSchmitt-Grohé, Stephanieen
dc.contributor.authorUribe, Martínen
dc.date.accessioned2009-01-29T15:49:04Z-
dc.date.available2009-01-29T15:49:04Z-
dc.date.issued2003-
dc.identifier.urihttp://hdl.handle.net/10419/23162-
dc.description.abstractThe existing literature on the stabilizing properties of interest-rate feedback rules has stressedthe perils of linking interest rates to forecasts of future inflation. Such rules have been foundto give rise to aggregate fluctuations due to self-fulfilling expectations. In response to thisconcern, a growing literature has focused on the stabilizing properties of interest-rate ruleswhereby the central bank responds to a measure of past inflation. The consensus view that hasemerged is that backward-looking rules contribute to protecting the economy from embarkingon expectations-driven fluctuations. A common characteristic of the existing studies that arriveat this conclusion is their focus on local analysis. The contribution of this paper is to conducta more global analysis. We find that backward-looking interest-rate feedback rules do not guaranteeuniqueness of equilibrium. We present examples in which for plausible parameterizationsattracting equilibrium cycles exist. The paper also contributes to the quest for policy rules thatguarantee macroeconomic stability globally. Our analysis indicates that policy rules wherebythe interest rate is set as a function of the past interest rate and current inflation are likely toensure global stability provided that the coefficient on lagged interest rates is greater than unity.en
dc.language.isoengen
dc.publisher|aRutgers University, Department of Economics |cNew Brunswick, NJen
dc.relation.ispartofseries|aWorking Paper |x2003-04en
dc.subject.jelE63en
dc.subject.jelE31en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordBackward looking Taylor rulesen
dc.subject.keywordendogenous cyclesen
dc.subject.keywordsticky pricesen
dc.subject.stwZinspolitiken
dc.subject.stwRegelgebundene Politiken
dc.subject.stwTaylor-Regelen
dc.subject.stwInflationen
dc.subject.stwKonjunkturen
dc.subject.stwInflationsbekämpfungen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwTheorieen
dc.subject.stwHopf bifurcationen
dc.titleBackward-Looking Interest-Rate Rules, Interest-Rate Smoothing,and Macroeconomic Instability-
dc.typeWorking Paperen
dc.identifier.ppn362926220en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:rut:rutres:200304en

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