Equilibrium Indeterminacy under Forward-Looking Interest Rate Rules

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Note (General)：: Why is the rational expectations equilibrium locally indeterminate if the central bank raises the nominal interest rate too actively in response to a ...

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Material Type: 文書・図像類
Title: Equilibrium Indeterminacy under Forward-Looking Interest Rate Rules
Author/Editor: 中川, 竜一
Author Heading: 中川, 竜一
Publication, Distribution, etc.: Economic Society of Kansai University
Publication Date: 2009-06
Publication Date (W3CDTF): 2009-06
Periodical title: Working Paper Series
No. or year of volume/issue: F-39
Volume: F-39
Pages: 1-14
Text Language Code: eng
Subject Heading: Active monetary policy
Sunspot equilibrium
Forecast horizon
Target Audience: 一般
Note (General): Why is the rational expectations equilibrium locally indeterminate if the central bank raises the nominal interest rate too actively in response to a rise in expected inflation? This is because although the bank succeeds in stabilizing the expectations of the future economy, it allows the current economy to arbitrarily fluctuate. This indeterminacy expands in dimension as the forecast horizon of the rule becomes long.
Access Restrictions: 限定公開
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 関西大学 : 関西大学学術リポジトリ