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Title:Sticky information and determinacy PDF Logo
Authors:Meyer-Gohde, Alexander
Issue Date:2011
Series/Report no.:SFB 649 discussion paper 2011-006
Abstract:The infinite-dimensional sticky-information Phillips curve is cast as a finite-dimensional timevarying system of difference equations in order to directly assess determinacy in the model with demand given by the forward-looking IS equation and monetary policy by an interest rate rule. An equivalence to the model without lagged expectations holds (albeit tenuously) for the particular specification and a common truncation method produces spurious determinacy.
Subjects:determinacy
Taylor rule
sticky Information
time-varying difference equations
JEL:C62
E31
E43
E52
Document Type:Working Paper
Appears in Collections:SFB 649 Discussion Papers, HU Berlin

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