''Quasifundamental'' variation in the price level and the inflation rate''
成果类型：
Article
署名作者：
Russell, S
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.2246
发表日期：
1997
页码：
106-151
关键词：
摘要：
This paper describes a class of overlapging-generations economies that have ''quasifundamental'' (QF) equilibria-equilibria in which the price level and inflation rate are positively correlated with a ''fundamental'' random variable, despite the existence of an alternative, Pareto-dominant equilibrium in which the price level and/or inflation rate are constant. In QF equilibria the inflation rate is ''excessively variable'' using either quantitative or welfare-based variability measures. These equilibria also provide rational-expectations adjustment processes under which the low-inflation monetary steady state is dynamically stable. Journal of Economic Literature Classification Numbers: E31, E32, E41. (C) 1997 Academic Press.
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