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Ruling out unstable equilibria in New Keynesian models

Minford, Anthony Patrick Leslie and Srinivasan, Naveen 2011. Ruling out unstable equilibria in New Keynesian models. Economics Letters 112 (3) , pp. 247-249. 10.1016/j.econlet.2011.05.014

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Abstract

The Taylor rule is an incomplete description of monetary policy within a New Keynesian model. The NK model should be formulated with a money demand function and also embody a terminal condition on inflation explicitly designed to stop bubbles.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Uncontrolled Keywords: New Keynesian ; Taylor rule ; Determinacy ; Terminal condition ; Money supply
Publisher: Elsevier
ISSN: 0165-1765
Last Modified: 04 Jun 2017 03:21
URI: http://orca-mwe.cf.ac.uk/id/eprint/20002

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