| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP291 |
| DP291 Imperfect Competition, Expectations and the Effectiveness of Monetary Policy | |
| Neil Rankin | |
| 发表日期 | 1989-04-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | A monetary overlapping generations model with oligopolistic imperfect competition is constructed. In general, output and employment are below their full employment levels. Three alternative expectations hypotheses are used - 'adaptive', 'monetarist' and 'pure rational' - all of which ensure no expectations errors in the steady state. All three lead to different steady states, with contrasting output responses to the rate of monetary growth, despite constraining expectations to be 'rational' in the steady state. With imperfect competition of this type, rational expectations steady states themselves, and not just transition paths to the steady state, are dependent on the 'learning' process by which expectations are form. |
| 主题 | International Macroeconomics |
| 关键词 | Expectations Imperfect competition monetary policy |
| URL | https://cepr.org/publications/dp291 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529453 |
| 推荐引用方式 GB/T 7714 | Neil Rankin. DP291 Imperfect Competition, Expectations and the Effectiveness of Monetary Policy. 1989. |
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