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政大典藏 > College of Social Science > Department of Economics > Periodical Articles > Item 140.119/77971

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/77971

Title:	Macroeconomic (in)stability under real interest rate targeting
Authors:	Chin, Chi-Ting;Guo, Jang-Ting;Lai, Ching-Chong 賴景昌
Contributors:	經濟系
Keywords:	E32;E52;O42
Date:	2009-09
Issue Date:	2015-08-24 15:19:45 (UTC+8)
Abstract:	We show that in a one-sector monetary endogenous growth model under real interest rate targeting, the local stability properties of the economy`s balanced growth path depend crucially on the exact formulation of the cash-in-advance constraint and the degree of productive externalities. In particular, when a positive fraction (including 100%100%) of gross investment is subject to the liquidity constraint, the model exhibits indeterminacy and sunspots if and only if the equilibrium wage–hours locus is positively sloped and steeper than the labor supply curve. On the other hand, when real money balances are required only for the household`s consumption purchases, the economy always displays saddle-path stability and equilibrium uniqueness, regardless of the strength of productive externalities.
Relation:	Journal of Economic Dynamics and Control, 33(9), 1631-1638
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.jedc.2009.03.001
DOI:	10.1016/j.jedc.2009.03.001
Appears in Collections:	[Department of Economics] Periodical Articles

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