Nominal Interest Rate Pegging Under Alternative Expectations Hypotheses

Nopic
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... READ MORE...

Publication date: October 1988
ISBN 9781451950618
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