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Sticky Information and Determinacy

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  • Alexander Meyer-Gohde

Abstract

The infinite-dimensional sticky-information Phillips curve is cast as a finite-dimensional timevarying system of difference equations in order to directly assess determinacy in the model with demand given by the forward-looking IS equation and monetary policy by an interest rate rule. An equivalence to the model without lagged expectations holds (albeit tenuously) for the particular specification and a common truncation method produces spurious determinacy.

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File URL: http://sfb649.wiwi.hu-berlin.de/papers/pdf/SFB649DP2011-006.pdf
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Bibliographic Info

Paper provided by Sonderforschungsbereich 649, Humboldt University, Berlin, Germany in its series SFB 649 Discussion Papers with number SFB649DP2011-006.

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Length: 9 pages
Date of creation: Jan 2011
Date of revision:
Handle: RePEc:hum:wpaper:sfb649dp2011-006

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Keywords: Determinacy; Taylor rule; Sticky Information; Time-Varying Difference Equations;

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  1. Alexander Meyer-Gohde, 2007. "Solving Linear Rational Expectations Models with Lagged Expectations Quickly and Easily," SFB 649 Discussion Papers SFB649DP2007-069, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
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