Real Wage Rigidity and the Taylor Principle
This 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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Board of Governors of the Federal Reserve System (U.S.).
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"Determinacy and expectational stability of equilibrium in a monetary sticky-price model with Taylor rule,"
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Cambridge University Press, vol. 12(01), pages 22-49, February.
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Economics Working Paper Archive
500, The Johns Hopkins University,Department of Economics.
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- Roisland, Oistein, 2003. "Capital income taxation, equilibrium determinacy, and the Taylor principle," Economics Letters, Elsevier, vol. 81(2), pages 147-153, November.
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