Determinacy analysis in high order dynamic systems: The case of nominal rigidities and limited asset market participation
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Ascari, Guido & Colciago, Andrea & Rossi, Lorenza, 2017. "Determinacy analysis in high order dynamic systems: The case of nominal rigidities and limited asset market participation," Economics Letters, Elsevier, vol. 159(C), pages 82-87.
References listed on IDEAS
- Andrea Colciago, 2011.
"Rule‐of‐Thumb Consumers Meet Sticky Wages,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(2‐3), pages 325-353, March.
- Andrea Colciago, 2011. "Rule-of-Thumb Consumers Meet Sticky Wages," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43, pages 325-353, March.
- Colciago, Andrea, 2005. "Rule of Thumb Consumers Meet Sticky Wages," MPRA Paper 3275, University Library of Munich, Germany, revised 27 Apr 2007.
- Peter Flaschel & Reiner Franke & Christian Proano, 2008. "On the Determinacy of New Keynesian Models with Staggered Wage and Price Setting," IMK Working Paper 11-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Bilbiie, Florin O., 2008.
"Limited asset markets participation, monetary policy and (inverted) aggregate demand logic,"
Journal of Economic Theory, Elsevier, vol. 140(1), pages 162-196, May.
- Florin Bilbiie, 2008. "Limited Asset Market Participation, Monetary Policy and (Inverted) Aggregate Demand Logic," Post-Print hal-00622865, HAL.
- Florin Bilbiie, 2008. "Limited Asset Market Participation, Monetary Policy and (Inverted) Aggregate Demand Logic," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00622865, HAL.
- Erceg, Christopher J. & Henderson, Dale W. & Levin, Andrew T., 2000.
"Optimal monetary policy with staggered wage and price contracts,"
Journal of Monetary Economics, Elsevier, vol. 46(2), pages 281-313, October.
- Andrew Levin & Christopher J. Erceg & Dale W. Henderson, 1999. "Optimal Monetary Policy with Staggered Wage and Price Contracts," Computing in Economics and Finance 1999 1151, Society for Computational Economics.
- Christopher J. Erceg & Dale W. Henderson & Andrew T. Levin, 1999. "Optimal monetary policy with staggered wage and price contracts," International Finance Discussion Papers 640, Board of Governors of the Federal Reserve System (U.S.).
- Guido Ascari & Andrea Colciago & Lorenza Rossi, 2017. "Limited Asset Market Participation, Sticky Wages, And Monetary Policy," Economic Inquiry, Western Economic Association International, vol. 55(2), pages 878-897, April.
- Basu, Susanto & Fernald, John G, 1997.
"Returns to Scale in U.S. Production: Estimates and Implications,"
Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 249-283, April.
- Susanto Basu & John G. Fernald, 1996. "Returns to scale in U.S. production: estimates and implications," International Finance Discussion Papers 546, Board of Governors of the Federal Reserve System (U.S.).
- Andrew T. Levin & Alexei Onatski & John Williams & Noah M. Williams, 2006.
"Monetary Policy under Uncertainty in Micro-Founded Macroeconometric Models,"
NBER Chapters, in: NBER Macroeconomics Annual 2005, Volume 20, pages 229-312,
National Bureau of Economic Research, Inc.
- Andrew T. Levin & Alexei Onatski & John C. Williams & Noah Williams, 2005. "Monetary policy under uncertainty in micro-founded macroeconometric models," Working Paper Series 2005-15, Federal Reserve Bank of San Francisco.
- Andrew T. Levin & Alexei Onatski & John C. Williams & Noah Williams, 2005. "Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models," NBER Working Papers 11523, National Bureau of Economic Research, Inc.
- Noah Williams & Andrew Levin & Alexei Onatski, 2005. "Monetary Policy under Uncertainty in Micro-Founded Macroeconometric Models," Computing in Economics and Finance 2005 478, Society for Computational Economics.
- Flaschel Peter & Franke Reiner & Proaño Christian R., 2008. "On Equilibrium Determinacy in New Keynesian Models with Staggered Wage and Price Setting," The B.E. Journal of Macroeconomics, De Gruyter, vol. 8(1), pages 1-12, December.
- Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-1311, July.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Florin Bilbiie & Xavier Ragot, 2021.
"Optimal Monetary Policy and Liquidity with Heterogeneous Households,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 71-95, July.
- Bilbiie, Florin & Ragot, Xavier, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," CEPR Discussion Papers 11814, C.E.P.R. Discussion Papers.
- Florin O Bilbiie & Xavier Ragot, 2020. "Optimal monetary policy and liquidity with heterogeneous households," SciencePo Working papers Main hal-03100875, HAL.
- Florin Bilbiie & Xavier Ragot, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," Working Papers hal-03471839, HAL.
- Florin Bilbiie & Xavier Ragot, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," SciencePo Working papers hal-03471839, HAL.
- Florin Bilbiie & Xavier Ragot, 2021. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," Post-Print hal-03501417, HAL.
- Florin Bilbiie & Xavier Ragot, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," SciencePo Working papers Main hal-03471839, HAL.
- Florin Bilbiie & Xavier Ragot, 2021. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," SciencePo Working papers Main hal-03501417, HAL.
- Florin O Bilbiie & Xavier Ragot, 2020. "Optimal monetary policy and liquidity with heterogeneous households," Post-Print hal-03100875, HAL.
- Florin Bilbiie & Xavier Ragot, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03471839, HAL.
- Dennis Bonam, 2020. "A convenient truth: The convenience yield, low interest rates and implications for fiscal policy," Working Papers 700, DNB.
- Alice Albonico & Guido Ascari & Qazi Haque, 2024.
"The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 769-804, June.
- Alice Albonico & Guido Ascari & Qazi Haque, 2020. "The (ir)relevance of rule-of-thumb consumers for US business cycle fluctuations," CAMA Working Papers 2020-102, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Alice Albonico & Guido Ascari & Qazi Haque, 2020. "The (Ir)Relevance of Rule-of-Thumb Consumers for U.S. Business Cycle Fluctuations," Working Papers 453, University of Milano-Bicocca, Department of Economics, revised Oct 2022.
- Alice Albonico & Guido Ascari & Qazi Haque, 2020. "The (Ir)Relevance of Rule-of-Thumb Consumers for U.S. Business Cycle Fluctuations," Economics Discussion / Working Papers 20-26, The University of Western Australia, Department of Economics.
- Joshua Brault & Hashmat Khan & Louis Phaneuf & Jean Gardy Victor, 2021. "US Postwar Macroeconomic Fluctuations Without Indeterminacy," Carleton Economic Papers 21-01, Carleton University, Department of Economics, revised 25 May 2021.
- Joshua Brault & Louis Phaneuf, 2021. "Higher Order Interest-Smoothing, Time-Varying Inflation Target and the Prospect of Indeterminacy," Working Papers 21-10, Chair in macroeconomics and forecasting, University of Quebec in Montreal's School of Management.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Guido Ascari & Andrea Colciago & Lorenza Rossi, 2017. "Limited Asset Market Participation, Sticky Wages, And Monetary Policy," Economic Inquiry, Western Economic Association International, vol. 55(2), pages 878-897, April.
- Bask, Mikael & Proaño, Christian R., 2016. "Optimal monetary policy under learning and structural uncertainty in a New Keynesian model with a cost channel and inflation inertia," Journal of Economic Dynamics and Control, Elsevier, vol. 69(C), pages 112-126.
- Araújo, Eurilton, 2016.
"Determinacy and learnability of equilibrium in a small-open economy with sticky wages and prices,"
International Review of Economics & Finance, Elsevier, vol. 45(C), pages 16-32.
- Eurilton Araújo, 2014. "Determinacy and Learnability of Equilibrium in a Small Open Economy with Sticky Wages and Prices," Working Papers Series 376, Central Bank of Brazil, Research Department.
- Sergio Ocampo Diaz, 2013.
"Rule-of-Thumb Consumers, Nominal Rigidities and the Design of Interest Rate Rules,"
Research Department Publications
IDB-WP-400, Inter-American Development Bank, Research Department.
- Ocampo Díaz, Sergio, 2013. "Rule-of-Thumb Consumers, Nominal Rigidities and the Design of Interest Rate Rules," IDB Publications (Working Papers) 4627, Inter-American Development Bank.
- Ida, Daisuke, 2023. "Liquidity-constrained consumers and optimal monetary policy in a currency union," Journal of International Money and Finance, Elsevier, vol. 131(C).
- Ida, Daisuke & Okano, Mitsuhiro, 2023. "Does nominal wage stickiness affect fiscal multiplier in a two-agent new Keynesian model?," MPRA Paper 117241, University Library of Munich, Germany.
- Mario Giarda, 2021. "The Labor Earnings Gap, Heterogeneous Wage Phillips Curves, and Monetary Policy," Working Papers Central Bank of Chile 934, Central Bank of Chile.
- Vlieghe, Gertjan W, 2007.
"Imperfect credit markets: implications for monetary policy,"
MPRA Paper
12957, University Library of Munich, Germany.
- Vlieghe, Gertjan, 2010. "Imperfect credit markets: implications for monetary policy," Bank of England working papers 385, Bank of England.
- Sergio Ocampo Díaz, 2012.
"A Model of Rule-of-Thumb Consumers With Nominal Price and Wage Rigidities,"
Borradores de Economia
9595, Banco de la Republica.
- Sergio Ocampo Díaz, 2012. "A Model of Rule-of-Thumb Consumers With Nominal Price and Wage Rigidities," Borradores de Economia 707, Banco de la Republica de Colombia.
- Sergio Ocampo Díaz, 2012. "A Model of Rule-of-Thumb Consumers With Nominal Price and Wage Rigidities," Vniversitas Económica, Universidad Javeriana - Bogotá, vol. 0(0), pages 1-28, April.
- Huang, Kevin X.D. & Meng, Qinglai, 2012.
"Increasing returns and unsynchronized wage adjustment in sunspot models of the business cycle,"
Journal of Economic Theory, Elsevier, vol. 147(1), pages 284-309.
- Kevin X.D. Huang & Qinglai Meng, 2010. "Increasing Returns and Unsynchronized Wage Adjustment in Sunspot Models of the Business Cycle," Vanderbilt University Department of Economics Working Papers 1007, Vanderbilt University Department of Economics.
- Philippe Andrade & Jordi Gali & Herve Le Bihan & Julien Matheron, 2019.
"The Optimal Inflation Target and the Natural Rate of Interest,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(2 (Fall)), pages 173-255.
- Philippe Andrade & Jordi Galí & Hervé Le Bihan & Julien Matheron, 2017. "The Optimal Inflation Target and the Natural Rate of Interest," Working Papers 1009, Barcelona School of Economics.
- P. Andrade & J. Galí & H. Le Bihan & J. Matheron, 2018. "The Optimal Inflation Target and the Natural Rate of Interest," Working papers 670, Banque de France.
- Philippe Andrade & Jordi Galí & Hervé Le Bihan & Julien Matheron, 2017. "The optimal inflation target and the natural rate of interest," Economics Working Papers 1591, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 2019.
- Philippe Andrade & Jordi Galí & Hervé Le Bihan & Julien Matheron, 2018. "The Optimal Inflation Target and the Natural Rate of Interest," NBER Working Papers 24328, National Bureau of Economic Research, Inc.
- Philippe Andrade & Jordi Gali & Hervé Le Bihan & Julien Matheron, 2019. "The Optimal Inflation Target and the Natural Rate of Interest," Working Papers 19-18, Federal Reserve Bank of Boston.
- GalÃ, Jordi & Andrade, Philippe & Le Bihan, Hervé & Matheron, Julien, 2018. "The Optimal Inflation Target and the Natural Rate of Interest," CEPR Discussion Papers 12723, C.E.P.R. Discussion Papers.
- Giorgio Motta & Patrizio Tirelli, 2012.
"Optimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(7), pages 1351-1374, October.
- Giorgio Motta & Patrizio Tirelli, 2012. "Optimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(7), pages 1351-1374, October.
- Giorgio Motta & Patrizio Tirelli, 2011. "Optimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation," Working Papers 204, University of Milano-Bicocca, Department of Economics, revised Mar 2011.
- Bhatnagar, Aryaman, 2023. "Monetary policy with non-Ricardian households," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 12-26.
- Andres, Javier & David Lopez-Salido, J. & Valles, Javier, 2002.
"Intertemporal substitution and the liquidity effect in a sticky price model,"
European Economic Review, Elsevier, vol. 46(8), pages 1399-1421, September.
- Javier Andrés & J. David López-Salido & Javier Vallés, 1999. "Intertemporal Substitution and the Liquidity Effect in a Sticky Price Model," Working Papers 9919, Banco de España.
- J. Andres & J. D. Lopez-Salido & Javier Valles, 2000. "Intertemporal Substitution and the Liquidity Effect in a Sticky Price Model," Econometric Society World Congress 2000 Contributed Papers 1698, Econometric Society.
- Gregory Erin Givens, 2006. "Revisiting the Delegation Problem in a Sticky Price and Wage Economy," Working Papers 200601, Middle Tennessee State University, Department of Economics and Finance.
- Patrizio Tirelli & Maria Ferrara, 2020.
"Disinflation, Inequality, And Welfare In A Tank Model,"
Economic Inquiry, Western Economic Association International, vol. 58(3), pages 1297-1313, July.
- Maria, Ferrara & Patrizio, Tirelli, 2019. "Disinflation, Inequality and Welfare in a TANK Model," Working Papers 402, University of Milano-Bicocca, Department of Economics, revised Feb 2019.
- Huang, Kevin X.D. & Meng, Qinglai & Xue, Jianpo, 2009.
"Is forward-looking inflation targeting destabilizing? The role of policy's response to current output under endogenous investment,"
Journal of Economic Dynamics and Control, Elsevier, vol. 33(2), pages 409-430, February.
- Kevin X.D. Huang & Qinglai Meng, 2007. "Is Forward-Looking Inflation Targeting Destabilizing? The Role of Policy's Response to Current Output under Endogenous Investment," Vanderbilt University Department of Economics Working Papers 0704, Vanderbilt University Department of Economics.
- Huang, Kevin X. D. & Meng, Qinglai, 2007. "Is forward-looking inflation targeting destabilizing? The role of policy's response to current output under endogenous investment," Kiel Working Papers 1348, Kiel Institute for the World Economy (IfW Kiel).
- Cantore, Cristiano & Freund, Lukas B., 2021.
"Workers, capitalists, and the government: fiscal policy and income (re)distribution,"
Journal of Monetary Economics, Elsevier, vol. 119(C), pages 58-74.
- Cantore, C. & Freund, L. B., 2020. "Workers, Capitalists, and the Government: Fiscal Policy and Income (Re)Distribution," Cambridge Working Papers in Economics 2095, Faculty of Economics, University of Cambridge.
- Cantore, Cristiano & Freund, Lukas, 2020. "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Bank of England working papers 858, Bank of England.
- Jan Vlieghe, 2004. "Imperfect credit markets and the transmission of macroeconomic shocks," Money Macro and Finance (MMF) Research Group Conference 2004 17, Money Macro and Finance Research Group.
- Gerke, Rafael & Kienzler, Daniel & Scheer, Alexander, 2022. "On the macroeconomic effects of reinvestments in asset purchase programmes," Discussion Papers 47/2022, Deutsche Bundesbank.
More about this item
Keywords
determinacy; high-order dynamics; sticky wages; non-Ricardian household;All these keywords.
JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
NEP fields
This paper has been announced in the following NEP Reports:- NEP-MAC-2016-06-14 (Macroeconomics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mib:wpaper:334. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Matteo Pelagatti (email available below). General contact details of provider: https://edirc.repec.org/data/dpmibit.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.