English, Article edition: Price Level Determinacy under a Pure Interest Rate Peg Jean-Pascal Benassy

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  • article
Language
  • English

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Title
  • Price Level Determinacy under a Pure Interest Rate Peg
Author
  • Jean-Pascal Benassy
Physical Description
  • article
Notes
  • In this article we reexamine a famous result by Sargent and Wallace (1975) according to which a "pure interest rate peg" leads to nominal price indeterminacy. We use Weil's (1991) generalization of the Sidrauski-Brock model, where arrival of new "generations" of infinitely lived agents is allowed, and we obtain the following results: (i) nominal indeterminacy holds in the traditional Sidrauski-Brock framework; (ii) This nominal indeterminacy disappears as soon as new generations arrive in time, via some rigorous version of Patinkin's "real balance effect"; (iii) A multiplicity of solutions may still remain, but full determinacy occurs in some cases, depending notably on fiscal policy or the distribution of endowments in time. (Copyright: Elsevier)
  • price determinacy, interest rate pegging
  • RePEc:red:issued:v:3:y:2000:i:1:p:194-211
Language
  • English
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