English, Article edition: Real Indeterminacy in Monetary Models with Nominal Interest Rate Distortions Charles T. Carlstrom; Timothy S. Fuerst

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Real Indeterminacy in Monetary Models with Nominal Interest Rate Distortions
Author
  • Charles T. Carlstrom
  • Timothy S. Fuerst
Physical Description
  • article
Notes
  • This paper demonstrates that in a standard flexible-price monetary model there exists real indeterminacy whenever the nominal interest rate moves too closely with either current or forecasted inflation. However, an aggressive response to lagged inflation will ensure determinacy. These conclusions are robust to a wide range of calibrations, and a monetary environment that allows for endogenous velocity. The results are affected by the inclusion of investment spending in the transactions constraint. (Copyright: Elsevier)
  • money and interest rates, monetary policy and central banking
  • RePEc:red:issued:v:4:y:2001:i:4:p:767-789
Language
  • English
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