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
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)
Date: 2004-03-29, Revised 2004-03-29
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Journal Article: Monetary policy and stable indeterminacy with inertia (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:ore:uoecwp:2004-4
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