Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/37245
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dc.contributor.authorMeyer-Gohde, Alexanderen_US
dc.date.accessioned2010-08-11T08:53:14Z-
dc.date.available2010-08-11T08:53:14Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/37245-
dc.description.abstractThe analysis of this paper examines the uniqueness of equilibria in a broad class of dynamic monetary models that satisfy Lucas's (1972) natural rate hypothesis (NRH). For a given demand specification, the resulting bounds for determinacy on monetary policy's interest rate rule are the same for all supply specifications, save isolated singularities. Thus, the monetary authority needs no knowledge of the supply side to ensure determinacy - with the standard dynamic IS-equation, determinacy is solely a function of parameters in the interest rate. Cochrane's (2007) criticism of determinacy as a means of ascertaining equilibrium in monetary models is confronted with this broad class appended to include money. With monetary policy specified only by the nominal interest rate, the critique is verified with hyperinflations and -deflations being accommodated by monetary policy. A credible commitment on behalf of the monetary authority to keep the money growth rate finite suffices to rule out the accommodated nominal explosions.en_US
dc.language.isoengen_US
dc.publisher|aVerein für Socialpolitik |cFrankfurt a. M.en_US
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Monetary Policy Rules |xA16-V3en_US
dc.subject.jelE52en_US
dc.subject.jelE58en_US
dc.subject.jelC62en_US
dc.subject.ddc330en_US
dc.subject.keywordIndeterminacyen_US
dc.subject.keywordTaylor ruleen_US
dc.subject.keywordLearningen_US
dc.subject.keywordSticky pricesen_US
dc.subject.keywordNatural rate hypothesisen_US
dc.titleEquilibrium Selection and Monetary Policy; A Natural Rate Perspectiveen_US
dc.typeConference Paperen_US
dc.identifier.ppn655955682-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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