Global and local determinacy in a one-step forward looking New Keynesian model

被引：1

作者：

Cornaro, Alessandra ^{[1
]}

Agliari, Anna ^{[2
]}

机构：

[1] Univ Cattolica Sacro Cuore, Dept Discipline Matemat Finanza Matemat & Econome, I-20123 Milan, Italy

[2] Univ Cattolica Sacro Cuore, Dept Sci Econ & Sociali, I-29100 Piacenza, Italy

来源：

ECONOMIC MODELLING | 2011年 / 28卷 / 03期

关键词：

Nonlinear model; Taylor rule; Global determinacy; Local bifurcation; MONETARY-POLICY; RATIONAL-EXPECTATIONS; TAYLOR RULES; EQUILIBRIA;

D O I：

10.1016/j.econmod.2011.02.025

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper we consider a New Keynesian model for optimal monetary policy in a staggered fashion. We provide the relations of a non linear model of general economic equilibrium, implementing a suitable Taylor-type interest rate rule. We characterize the conditions that guarantee local determinacy and explore conditions under which local bifurcations of the target equilibrium may occur. Afterwards, we argue how local determinacy might be associated with global indeterminacy, providing some numerical examples. (C) 2011 Elsevier B.V. All rights reserved.

引用

页码：1354 / 1362

页数：9

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