small to exert local indeterminacy. In a calibrated version, we compute the level of long-run welfare and the results …

with the previous result that the existence of endogenous labor income taxes raises the possibility of local indeterminacy … consumption--to--wage ratio associated with local indeterminacy, because of two conflicting effects on savings that operate …

In this study, we discuss a connection between heterogeneity of agents and indeterminacy of equilibria in a standard … money-in-the-utility function model. Contrary to ealier studies, which mainly concern indeterminacy in connection with … monetary policy or preferences of a single agent, we emphasize the role of heterogeneity of agents in indeterminacy. …

factor in the sense that a higher progressivity makes the emergence of indeterminacy and endogenous fluctuations more likely …

inflation thresholds: increasing inflation beyond the threshold level will reduce domestic output. Instability, indeterminacy of … high rates of domestic inflation- increases the scope for indeterminacy and economic fluctuations. …

reasonable share of first period consumption over the wage income, local indeterminacy can easily occur with small distortionary …

unique stable equilibrium characteristics; pre-Volcker or passive monetary policy generates equilibrium indeterminacy …

, active monetary policy (MP) rules can lead to indeterminacy under various assumptions about the structure of the model. We … analyze the conditions for real indeterminacy to occur in the model with capital accumulation. The key assumption is that we … substantially changes the conditions for real indeterminacy to occur. In contrast to some existing research we show that under …

Leeper (2007) is preferred to a determinacy-indeterminacy model motivated by Lubik and Schorfheide (2004). These empirical …