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150128 ||| eng |
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|a 9781451950618
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| 245 |
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|a Nominal Interest Rate Pegging Under Alternative Expectations Hypotheses
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1988
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| 300 |
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|a 54 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Interest rates
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| 653 |
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|a Inflation
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| 653 |
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|a Rational expectations
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| 653 |
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|a Finance
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| 653 |
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|a Economic Theory
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| 653 |
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|a Monetary economics
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| 653 |
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|a Financial services
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| 653 |
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|a Real interest rates
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| 653 |
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|a Deflation
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| 653 |
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|a Expectations
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| 653 |
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|a Short term interest rates
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Economic theory & philosophy
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| 653 |
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|a Money
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| 653 |
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|a Money supply
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| 653 |
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|a Price Level
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| 653 |
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|a Monetary base
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Economic theory
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Speculations
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| 710 |
2 |
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|a International Monetary Fund
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| 041 |
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|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/1988/094/001.1988.issue-094-en.xml?cid=28510-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a Nominal interest rate pegging leads to instability in an IS-LM model with a vertical long-run Phillips curve and backward-looking inflation expectations. However, it does not lead to instability in several large multicountry econometric models, apparently primarily because these models have nonvertical long-run Phillips curves. Nominal interest rate pegging leads to price level and output indeterminacy in a model with staggered contracts and rational expectations. However, when a class of money supply rules with interest rate smoothing is introduced, and interest rate pegging is viewed as the limit of interest rate smoothing, the price level and output are determinate
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