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Constant Interest Rate Projections without the Curse of Indeterminacy

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Author Info
Jordi Galí ()
Abstract

Constant interest rate (CIR) projections are often criticized on the grounds that they are inconsistent with the existence of a unique equilibrium in a variety of forward-looking models. This note shows how to construct CIR projections that are not subject to that criticism, using a standard New Keynesian model as a reference framework.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/1057.pdf
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File Function: Whole Paper
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Publisher Info
Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1057.

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Date of creation: Aug 2007
Date of revision: Feb 2008
Handle: RePEc:upf:upfgen:1057

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Web page: http://www.econ.upf.edu/

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Related research
Keywords: Interest rate peg; in.ation targeting; conditional forecasts; interest rate rules; multiple equilibria;

Find related papers by JEL classification:
E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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This page was last updated on 2009-11-27.

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