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Monetary Policy and Stable Indeterminacy with Inertia

George Evans () and Bruce McGough ()

University of Oregon Economics Department Working Papers from University of Oregon Economics Department

Abstract: We examine existence and stability under learning of sunspot equilibria in a New Keynesian model incorporating inertia. Indeterminacy remains prevalent, stable sunspots abound, and inertia in IS and AS relations do not significantly impact the policy region containing stable sunspots.

Keywords: Monetary Policy; sunspots; learning; stability (search for similar items in EconPapers)
JEL-codes: D83 D84 E32 E52 (search for similar items in EconPapers)
Pages: 9
Date: 2004-03-29, Revised 2004-03-29
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Journal Article: Monetary policy and stable indeterminacy with inertia (2005) Downloads
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