| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18215 |
| 来源ID | Working Paper 18215 |
| Determinacy, Learnability, Plausibility, and the Role of Money in New Keynesian Models | |
| Bennett T. McCallum | |
| 发表日期 | 2012-07-13 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Recent mainstream monetary policy analysis focuses on rational expectation solutions that are uniquely stable. A number of recent studies have examined the question of whether typical New Keynesian (NK) models, with policy rules that satisfy the Taylor principle, also exhibit solutions with explosive inflation that cannot be ruled out by any transversality condition or any other generally accepted economic principle. This paper contributes to that debate by supporting and developing previous arguments suggesting that such explosive solutions are informationally infeasible. It also critiques prevailing notions of "determinancy" and outlines two alternative approaches to solution selection. |
| 主题 | Microeconomics ; Mathematical Tools ; Macroeconomics ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w18215 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575891 |
| 推荐引用方式 GB/T 7714 | Bennett T. McCallum. Determinacy, Learnability, Plausibility, and the Role of Money in New Keynesian Models. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18215.pdf（207KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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