Multiple equilibria, money supply rules and optimal
Multiple Equilibria and Indeterminacy in an Optimal Growth Model with Endogenous Capital Depreciation
... standard optimal growth model via two dif- ferent mechanisms and examine the steady state and the dynamics of the model economy qualitatively and ...values, multiple equilibria and indeterminacy can ...
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Ramsey Optimal Policy versus Multiple Equilibria with Fiscal and Monetary Interactions
... Ramsey Optimal Policy under Quasi-Commitment In a monetary policy regime indexed by j, a policy maker may re-optimize on each future period with exogenous probability 1 − q strictly below ...
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Multiple equilibria in Lucas (1990)'s optimal capital taxation model with endogenous learning
... (1990)’s optimal capital taxation model with endogenous growth and present the dynamic system of Euler equations describing the market equilibrium of the model ...
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Assessing money supply rules
... rate rules. It is shown that the money supply rules of interest are associated with saddle stable equilibrium paths and, therefore, exclude multiple or unstable ...Reserve money ...
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Assessing Money Supply Rules
... supplying money according to a constant money growth ...constant money growth rate, recent empirical contributions provide evidence that monetary policy can often be reasonably sum- marized by simple ...
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Multiple equilibria in theory and practice
... 1.2 Equilibria in Multi-Unit Auctions. In theory one can design the optimal mechanism for the sale o f multiple ...f multiple equilibria would not arise as the mechanism would be ...
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Discretionary policy, multiple equilibria, and monetary instruments
... an optimal commitment policy, which implements a superior allocation, is not time consistent (see Kydland and Prescott, ...the money growth rate as its ...
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Multiple Equilibria in a Firing Game With Impartial Justice
... performance of a given economy should pay due consideration not only to the impact of small variations in legal …ring costs, but also to the possibility to shift from one equilibrium to another. The model is cast as a ...
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DETERMINATION OF THE IMPACT OF OPTIMAL RATE OF GROWTH OF THE MONEY SUPPLY WITH THE MAIN MACROECONOMIC INDICATORS
... the rules of monetary policy and their ...the rules, including the use of the interest rate and the monetary base as a tool (Ruziev & Ghosh, 2009; Vakhabov & Bobakulov, ...
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Competitive Equilibria in Economies with Multiple Divisible and Multiple Divisible Commodities
... of money using a linear production technology and no other producers are present in the ...for multiple divisible commodities and a finite number of producers with non-increasing returns to scale ...and ...
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THE OPTIMAL SUPPLY OF LIQUIDITY AND THE REGULATIONS OF MONEY
... define money substitutes as assets that are traded only when money does not earn ...powers. Money substitutes will be used when the planner set a low average ...in money substitutes and ...
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Optimal risk-sharing rules and equilibria with Choquet-expected-utility.
... Revised July 1999 Abstract This paper explores risk-sharing and equilibrium in a general equi- librium set-up wherein agents are non-additive expected utility max- imizers. We show that when agents have the same convex ...
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Money Supply Rules and Exchange Rate Dynamics
... policy rules for exchange rate ...simple money supply rule, whereby central banks change their monetary policy if output diverges from potential output or if inflation diverges from the target ...
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Multiple equilibria in two-sector monetary economies: An interplay between preferences and the timing for money
... While the production side is based on the consideration of general tech- nologies, the side of preferences is defined on the ground of three different specifications of the utility function which are commonly used in the ...
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Bertrand Equilibria and Sharing Rules
... Nash equilibria under SP sharing simply because undercutting does not pay ...Nash equilibria with zero profits, are ...zero-payoff equilibria are always non-unique because some player can choose ...
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Multiple Equilibria in Tullock Contests
... of multiple equilibria in Tullock-type contests, and show that asymmetric equilibria arise even under symmetric prize and cost ...where multiple equilibria exist under reasonably weak ...
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Justice, Institutions, and Multiple Equilibria
... As Hardin has argued, any political system may be understood as one of many possible equilibria of a more fundamental coordination game of constitutional selection.[r] ...
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Supply of Money
... of Money The Divisia demand-side index and the Divisia supply-side index both measure ...of money is sometimes viewed as operating through a wealth effect, it is useful to know how to discount the ...
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Supply of Money
... Divisia supply-side index both measure ...of money is sometimes viewed as operating through a wealth effect, it is useful to know how to discount the present value of the service flow to find the economic ...
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Supply of Money
... aggregate money on the supply side, a few such empirical studies have been published and reprinted in Barnett and Binner (2004, chapters 15 and 16, ...
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