We prove that the Generalized Taylor Principle, under which the nominal interest rate reacts more than one-for-one to a change in inflation in the long run, is a necessary and (under some extra mild restrictions on parameters) sufficient condition for determinacy in a sticky price model with...

The integrated gasification combined cycle (IGCC) is getting much more attention due to the rich reserves of coal around the world. In general, the absorption rate of a physical method such as the IGCC system is weaker than that of a chemical method, but it needs much less energy during the...

Using a micro-founded model and a likelihood-based inference method, we show that while a passive monetary and passive fiscal policy regime prevailed in the U.S. before Paul Volcker's chairmanship at the Federal Reserve, an active monetary and passive fiscal policy regime prevailed after his...