| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24612 |
| 来源ID | Working Paper 24612 |
| Does the New Keynesian Model Have a Uniqueness Problem? | |
| Lawrence Christiano; Martin S. Eichenbaum; Benjamin K. Johannsen | |
| 发表日期 | 2018-05-21 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper addresses whether non-uniqueness of equilibrium is a substantive problem for the analysis of fiscal policy in New-Keynesian (NK) models at the zero lower bound (ZLB). There would be a substantive problem if there were no compelling way to select among different equilibria that give different answers to critical policy questions. We argue that learnability provides such a criterion. We study a fully non-linear NK model with Calvo pricing frictions. Our main finding is that the model we analyze has a unique E-stable rational expectations equilibrium at the ZLB. That equilibrium is also stable-under-learning and inherits all of the key properties of linearized NK models for fiscal policy. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w24612 |
| 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/582286 |
| 推荐引用方式 GB/T 7714 | Lawrence Christiano,Martin S. Eichenbaum,Benjamin K. Johannsen. Does the New Keynesian Model Have a Uniqueness Problem?. 2018. |
| 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 | ||
| w24612.pdf（559KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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