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Autor:innen: 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Working Paper No. 448
Verlag: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Zusammenfassung: 
The Gibson paradox,long observed by economists and named by John Maynard Keynes (1936),is a positive relationship between the interest rate and the price level. This paper explains the relationship by means of interest-rate, cost-push inflation.In the mode,spending is driven in part by changes in the rate of interest, and the central bank sets the interest rate using a policy rule based on the levels of output and inflation. The model shows that the cost-push effect of inflation, long known as Gibson's paradox, intensifies destabilizing forces and can be involved in the generation of cycles.
Schlagwörter: 
Gibson's Paradox
Inflation
Monetary Policy Rules : Nonlinear Dynamics
Hopf Bifurcation
JEL: 
E12
E32
E52
Dokumentart: 
Working Paper

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