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Sonderforschungsbereich 649: Ökonomisches Risiko, Humboldt-Universität Berlin >
SFB 649 Discussion Papers, HU Berlin >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/56690
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Meyer-Gohde, Alexander | | en_US |
| dc.date.accessioned | | 2011-08-29 | | en_US |
| dc.date.accessioned | | 2012-04-05T16:19:13Z | | - |
| dc.date.available | | 2012-04-05T16:19:13Z | | - |
| dc.date.issued | | 2011 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/56690 | | - |
| dc.description.abstract | | Imposing the natural rate hypothesis (NRH) can dramatically alter the determinacy bounds on monetary policy by closing the output gap in the long run. I show that the hypothesis eliminates any role for the output gap in determinacy and renders the conditions for determinacy identical for all conforming supply equations. Specializing further to IS demand, determinacy depends only on the parameters in the interest rate rule and a pure forward or backward-looking inflation target is inconsistent with determinacy. Monetary policy that embodies the Taylor principle with respect to contemporaneous inflation delivers a determinate equilibrium in all models that satisfy the NRH. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | SFB 649, Economic Risk Berlin | | en_US |
| dc.relation.ispartofseries | | SFB 649 discussion paper 2011-049 | | en_US |
| dc.subject.jel | | C62 | | en_US |
| dc.subject.jel | | E31 | | en_US |
| dc.subject.jel | | E43 , E52 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | determinacy | | en_US |
| dc.subject.keyword | | natural rate hypothesis | | en_US |
| dc.subject.keyword | | Phillips curve | | en_US |
| dc.subject.keyword | | Taylor Principle | | en_US |
| dc.subject.stw | | Geldpolitik | | en_US |
| dc.subject.stw | | Taylor-Regel | | en_US |
| dc.subject.stw | | Natürliche Arbeitslosigkeit | | en_US |
| dc.subject.stw | | Phillips-Kurve | | en_US |
| dc.subject.stw | | Neukeynesianische Makroökonomik | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Monetary policy, determinacy, and the natural rate hypothesis | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 667296506 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | SFB 649 Discussion Papers, HU Berlin
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