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handle: 10419/56663
The infinite-dimensional sticky-information Phillips curve is cast as a finite-dimensional timevarying system of difference equations in order to directly assess determinacy in the model with demand given by the forward-looking IS equation and monetary policy by an interest rate rule. An equivalence to the model without lagged expectations holds (albeit tenuously) for the particular specification and a common truncation method produces spurious determinacy.
Dynamisches Gleichgewicht, Taylor rule, E52, time-varying difference equations, Phillips-Kurve, E31, sticky Information, Determinacy, Taylor rule, Sticky Information, Time-Varying Difference Equations, Unvollkommene Information, ddc:330, 330 Wirtschaft, Taylor-Regel, C62, Determinacy, determinacy, Sticky Information, Time-Varying Difference Equations, Analysis, Theorie, E43, jel: jel:C62, jel: jel:E43, jel: jel:E52, jel: jel:E31
Dynamisches Gleichgewicht, Taylor rule, E52, time-varying difference equations, Phillips-Kurve, E31, sticky Information, Determinacy, Taylor rule, Sticky Information, Time-Varying Difference Equations, Unvollkommene Information, ddc:330, 330 Wirtschaft, Taylor-Regel, C62, Determinacy, determinacy, Sticky Information, Time-Varying Difference Equations, Analysis, Theorie, E43, jel: jel:C62, jel: jel:E43, jel: jel:E52, jel: jel:E31
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