Ruling out unstable equilibria in New Keynesian models

Minford, Anthony Patrick Leslie ORCID: https://orcid.org/0000-0003-2499-935X and Srinivasan, Naveen 2011. Ruling out unstable equilibria in New Keynesian models. Economics Letters 112 (3) , pp. 247-249. 10.1016/j.econlet.2011.05.014

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Abstract

The Taylor rule is an incomplete description of monetary policy within a New Keynesian model. The NK model should be formulated with a money demand function and also embody a terminal condition on inflation explicitly designed to stop bubbles.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Schools > Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Uncontrolled Keywords:	New Keynesian ; Taylor rule ; Determinacy ; Terminal condition ; Money supply
Publisher:	Elsevier
ISSN:	0165-1765
Last Modified:	19 Oct 2022 09:06
URI:	https://orca.cardiff.ac.uk/id/eprint/20002

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