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dc.contributor.authorMeyer-Gohde, Alexanderen_US
dc.date.accessioned2011-08-29en_US
dc.date.accessioned2012-04-05T16:19:13Z-
dc.date.available2012-04-05T16:19:13Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/56690-
dc.description.abstractImposing 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.isoengen_US
dc.publisherSFB 649, Economic Risk Berlinen_US
dc.relation.ispartofseriesSFB 649 discussion paper 2011-049en_US
dc.subject.jelC62en_US
dc.subject.jelE31en_US
dc.subject.jelE43en_US
dc.subject.jelE52-
dc.subject.ddc330en_US
dc.subject.keyworddeterminacyen_US
dc.subject.keywordnatural rate hypothesisen_US
dc.subject.keywordPhillips curveen_US
dc.subject.keywordTaylor Principleen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwTaylor-Regelen_US
dc.subject.stwNatürliche Arbeitslosigkeiten_US
dc.subject.stwPhillips-Kurveen_US
dc.subject.stwNeukeynesianische Makroökonomiken_US
dc.subject.stwTheorieen_US
dc.titleMonetary policy, determinacy, and the natural rate hypothesisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn667296506en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:SFB 649 Discussion Papers, HU Berlin

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