Real wage rigidity and the Taylor principle
AbstractThis paper investigates conditions for equilibrium determinacy in the basic new Keynesian model with real wage rigidity. The determinacy region is increased under forward-looking rules and the Taylor principle continues to ensure equilibrium uniqueness under current-looking rules.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 104 (2009)
Issue (Month): 1 (July)
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Web page: http://www.elsevier.com/locate/ecolet
Real wage rigidity Determinacy Inflation targeting;
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