INTEREST RATE PEGS, WEALTH EFFECTS AND PRICE LEVEL DETERMINACY

Barbara Annicchiarico () and Giancarlo Marini

Metroeconomica, 2006, vol. 57, issue 4, pages 521-535

Abstract: This paper analyses the issue of price level determinacy in an optimizing general equilibrium model with overlapping generations. It is shown that under a pure interest rate peg wealth effects rule out nominal indeterminacy but give rise to multiple equilibria. Copyright © 2006 The Authors; Journal compilation © 2006 Blackwell Publishing Ltd.

Date: 2006

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Working Paper: Interest Rate Pegs, Wealth Effects and Price Level Determinacy (2005)
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