We examine the expectational stability (E-stability) of rational expectations equilibrium under optimal interest rate rules in the context of the standard, "New Keynesian" model of the monetary transmission mechanism. We focus on the case where the monetary authority adds interest rate...

In this paper we use a modified neoclassical business cycle model to test two competing explanations of the expansion of the 1990s. The model can have indeterminate, multiple equilibria that give rise to expectation-driven business cycles. We fit into the model series of estimated speculative...

We introduce increasing returns to scale into an otherwise standard New Keynesian model with capital, and study the determinacy and E-stability of Taylor-type interest rate rules. With very mild increasing returns supported by empirical research, the conventional wisdom regarding the design of...

We examine the expectational stability (E—stability) of rational expectations equilibrium under optimal interest rate rules in the context of the standard, “New Keynesian” model of the monetary transmission mechanism. We focus on the case where the monetary authority adds interest rate...

Based on database of ecological factors and geographic information space analysis method, we analyzed suitability of Wolfiporia extensa (Peck) Ginns producing regions, in the hope of providing reference for scientific zoning and cultivation. Ecological factors we analyzed mainly include...

We explore the possibility that a housing market boombust cycle may arise when public beliefs are driven by news shocks. News, imperfect and noisy by nature, may generate expectations that are overly optimistic or pessimistic. Overoptimism easily leads to excessive accumulation of housing assets...

This paper analyzes the interactions between labor and housing (and land) markets in a city. We develop a monocentric city model involving land development and frictional unemployment and characterize the city's spatial configurations in equilibrium. To better understand the properties of...

The introduction of new products is an important method of competition in many markets. Towards understanding its impact on competition and welfare, this paper estimates the effects of Crystal Pepsi being introduced by PepsiCo. Estimating a structural model of the soft drink market, the...