Timing and real indeterminacy in monetary models

• 成果类型: Article
• 署名作者: Carlstrom, CT; Fuerst, TS
• 署名单位: University System of Ohio; Bowling Green State University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00048-4
• 发表日期: 2001
• 页码: 285-298
• 关键词: real indeterminacy; monetary models

摘要

An increasingly common approach to the theoretical analysis of monetary policy is to ensure that a proposed policy does not introduce real indeterminacy and thus sunspot fluctuations into the model economy, Policy is typically conducted in terms of directives for the nominal interest rate. This paper uses a discrete-time money-in-the-utility function model to demonstrate how seemingly minor modifications in the trading environment result in dramatic differences in the policy restrictions needed to ensure real determinacy. These differences arise because of the differing pricing equations for the nominal interest rate, (C) 2001 Elsevier Science B.V. All rights reserved.