G2TT
来源类型Discussion paper
规范类型论文
来源IDDP291
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
URLhttps://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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