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dc.contributor.authorMeyer-Gohde, Alexanderen
dc.date.accessioned2011-08-29-
dc.date.accessioned2012-04-05T16:19:13Z-
dc.date.available2012-04-05T16:19:13Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlinen
dc.relation.ispartofseries|aSFB 649 Discussion Paper |x2011-049en
dc.subject.jelC62en
dc.subject.jelE31en
dc.subject.jelE43en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keyworddeterminacyen
dc.subject.keywordnatural rate hypothesisen
dc.subject.keywordPhillips curveen
dc.subject.keywordTaylor Principleen
dc.subject.stwGeldpolitiken
dc.subject.stwTaylor-Regelen
dc.subject.stwNatürliche Arbeitslosigkeiten
dc.subject.stwPhillips-Kurveen
dc.subject.stwNeukeynesianische Makroökonomiken
dc.subject.stwTheorieen
dc.titleMonetary policy, determinacy, and the natural rate hypothesis-
dc.typeWorking Paperen
dc.identifier.ppn667296506en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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