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Monetary Policy and Multiple Equilibria

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Author Info

  • Benhabib, J.
  • Schmitt-Grohe, S.
  • Uribe, M.

Abstract

In this paper, we characterize conditions under which interest rate feedback rules wherby the nominal interest rate is set as an increasing function of the inflation rate generate multiple equilibria. We show that these conditions depend not only on the fiscal regime (as emphasized in the fiscal theory of the price level) but also on the way in which money is assumed to enter preferences and technology. We analyze this issue in flexible and sticky price environments.

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File URL: http://econ.as.nyu.edu/docs/IO/9381/RR98-02.PDF
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Bibliographic Info

Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 98-02.

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Length: 19 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:cvs:starer:98-02

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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
Phone: (212) 998-8936
Fax: (212) 995-3932
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Web page: http://econ.as.nyu.edu/object/econ.cvstarr.html
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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
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Related research

Keywords: MONETARY POLICY ; PRICES ; INTEREST RATE;

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