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

Alessandra Cornaro; Anna Agliari

doi:10.1016/j.econmod.2011.02.025

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

Alessandra Cornaro, Anna Agliari

Risultato della ricerca: Contributo in rivista › Articolo in rivista

1 Citazioni (Scopus)

Abstract

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 Taylortype 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.

Lingua originale	English
pagine (da-a)	1354-1362.
Numero di pagine	9
Rivista	Economic Modelling
Volume	Volume 28, Issue 3
DOI	https://doi.org/10.1016/j.econmod.2011.02.025
Stato di pubblicazione	Pubblicato - 2011

Keywords

Local bifurcations
Nonlinear model
Taylor rule

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10.1016/j.econmod.2011.02.025

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abstract = "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 Taylortype 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.",

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AB - 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 Taylortype 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.

KW - Local bifurcations

KW - Nonlinear model

KW - Taylor rule

KW - Local bifurcations

KW - Nonlinear model

KW - Taylor rule

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

Abstract

Keywords

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