Utilize este identificador para referenciar este registo:
http://hdl.handle.net/10071/18132
Autoria: | Gasteiger, E. |
Data: | 2018 |
Título próprio: | Do heterogeneous expectations constitute a challenge for policy interaction? |
Volume: | 22 |
Número: | 8 |
Paginação: | 2107 - 2140 |
ISSN: | 1365-1005 |
DOI (Digital Object Identifier): | 10.1017/S1365100516001036 |
Palavras-chave: | Fiscal and monetary policy interaction Heterogeneous expectations Inflation |
Resumo: | Yes, indeed; at least for macroeconomic policy interaction. We examine a Neo-Classical economy and provide the conditions for policy arrangements to successfully stabilize the economy when agents have either rational or adaptive expectations. For a contemporaneous-data monetary policy rule, the monetarist solution is unique and stationary under a passive fiscal/active monetary policy regime if monetary policy appropriately incorporates expectational heterogeneity. In contrast, the active fiscal/passive monetary policy regime's fiscalist solution is prone to explosiveness due to empirically plausible expectational heterogeneity. Nevertheless, this can be a well-defined, rather orthodox equilibrium. For operational monetary policy rules, only the results for the fiscalist solution prevail. Moreover, our results are plausible from an adaptive learning viewpoint. |
Arbitragem científica: | yes |
Acesso: | Acesso Aberto |
Aparece nas coleções: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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hetflex.pdf | Pós-print | 876,69 kB | Adobe PDF | Ver/Abrir |
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