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Diffusion Paths: Fixed Points, Periodicity and Chaos

Gomes, Orlando - In: Economics Bulletin 30 (2010) 3, pp. 2413-2424

guaranteed. Here, we introduce a mechanism under which stability of the diffusion process does not necessarily hold. When the …

Persistent link: https://www.econbiz.de/10008642499

The timing of information updates: a stability result

Gomes, Orlando - In: Economics Bulletin 29 (2009) 4, pp. 2860-2869

long-term value. The main result is that a strong degree of information stickiness may imply a departure from stability (a …

Persistent link: https://www.econbiz.de/10008563082

CAPITAL ACCOUNT POLICIES, IMF PROGRAMS AND GROWTH IN DEVELOPING REGIONS

Bicaba, Zorobabel; Brixiová, Zuzana; Ncube, Mthuli - William Davidson Institute, University of Michigan - 2014

This paper examines capital account policy choices in an innovative model with adaptive learning under uncertainty. In the model, countries’ past experiences and IMF programs influence policymakers’ beliefs about impact of capital account liberalization on growth, taking into account...

Persistent link: https://www.econbiz.de/10011124478

Performance of monetary policy with internal central bank forecasting

Honkapohja, Seppo; Mitra, Kaushik - 2002

Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. In this paper, we study the implications of heterogeneity in forecasts of the...

Persistent link: https://www.econbiz.de/10011604173

On the Existence and Stability of Pareto Optimal Endogenous Matching with Fairness

Dai, Darong - Volkswirtschaftliche Fakultät, … - 2012

. Moreover, stability of the Pareto optimal endogenous matching is confirmed by essentially using the well-known Girsanov Theorem. …

Persistent link: https://www.econbiz.de/10011110067

Monetary Policy with Internal Central Bank Forecasting: A Case of Heterogenous Information

Mitra, Kaushik; Honkapohja, Seppo - Department of Economics, Royal Holloway University of London - 2004

Honkapohja and Mitra (2003) have analyzed the desirability of optimal and ad hoc interest rules in monetary policy when the forecasts of the private sector and the central bank are heterogenous but information is symmetric. Here we analyze the case of asymmetric information in which one party...

Persistent link: https://www.econbiz.de/10005652700

Performance of monetary policy with internal central bank forecasting

Honkapohja, Seppo; Mitra, Kaushik - European Central Bank - 2002

Persistent link: https://www.econbiz.de/10005816298

Performance of Monetary Policy with Internal Central Bank Forecasting

Mitra, Kaushik; Honkapohja, Seppo - Department of Economics, Royal Holloway University of London - 2004

Recent models of monetary policy have analyzed the desirability of di?erent optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. This paper studies the implications of heterogeneity in forecasting by the...

Persistent link: https://www.econbiz.de/10005784823

Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?

Mitra, Kaushik; Honkapohja, Seppo - Department of Economics, Royal Holloway University of London - 2004

expectational stability as a selection criterion for different equilibria and derive the expectational stability and instability …

Persistent link: https://www.econbiz.de/10005051668

Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?.

Honkapohja, Seppo; Mitra, Kaushik - Department of Economics and Related Studies, University …

expectational stability as a robustness criterion for different equilibria. We derive the expectational stability and instability …

Persistent link: https://www.econbiz.de/10005695820