The perils of Taylor rules

Article Abstract:

Issues related to feedback rules on interest rates and monetary policy are examined in detail.

Economic aspects

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The design of monetary and fiscal policy: a global perspective

Article Abstract:

A study examining the monetary and fiscal policies and their effect on multiple equilibria is presented. The study also examines the effect of capital, interest rates, global dynamics and taxation on multiple equilibria.

United States, Public Finance Activities, Fiscal Policy, Economic stabilization, Global economy

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Indeterminacy and sunspots with constant returns

Article Abstract:

An analysis of multisectoral models with constant variable returns-to-scale and very small market imperfections reveals that indeterminacy may easily arise. Standard parametrizations may be used to calibrate the constant returns model with sunspots to produce moments of aggregate consumption, investment output and employment that are closely matched to US data.

Methods, Econometrics, Instrumental variables (Statistics), Instrumental variables, Demand functions (Economics), Demand functions

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