Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/25443 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorKing, Robert G.en
dc.contributor.authorWolman, Alexander L.en
dc.date.accessioned2006-08-01-
dc.date.accessioned2009-07-24T13:47:29Z-
dc.date.available2009-07-24T13:47:29Z-
dc.date.issued2004-
dc.identifier.piurn:nbn:de:hebis:30-10732en
dc.identifier.urihttp://hdl.handle.net/10419/25443-
dc.description.abstractIn a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria. Complementarity between the pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically dynamic in nature. At each point in time, the discretionary monetary authority optimally accommodates the level of predetermined prices when setting the money supply because it is concerned solely about real activity. Hence, if other firms set a high price in the current period, an individual firm will optimally choose a high price because it knows that the monetary authority next period will accommodate with a high money supply. Under commitment, the mechanism generating complementarity is absent: the monetary authority commits not to respond to future predetermined prices. Multiple equilibria also arise in other similar contexts where (i) a policymaker cannot commit, and (ii) forward-looking agents determine a state variable to which future policy responds.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2004/22en
dc.subject.jelE5en
dc.subject.jelE61en
dc.subject.jelD78en
dc.subject.ddc330en
dc.subject.keywordMonetary Policyen
dc.subject.keywordDiscretionen
dc.subject.keywordTime-Consistencyen
dc.subject.keywordMultiple Equilibriaen
dc.subject.keywordComplementarityen
dc.subject.stwUngleichgewichtstheorieen
dc.subject.stwPreisrigiditäten
dc.subject.stwGeldpolitiken
dc.subject.stwDiskretionäre Politiken
dc.subject.stwGleichgewichtsstabilitäten
dc.subject.stwTheorieen
dc.titleMonetary discretion, pricing complementarity and dynamic multiple equilibria-
dc.typeWorking Paperen
dc.identifier.ppn515163325en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200422en

Datei(en):
Datei
Größe
910.74 kB





Publikationen in EconStor sind urheberrechtlich geschützt.