Deflationary vs. inflationary expectations : a new-Keynesian perspective with heterogeneous agents and monetary believes

Sauter, Oliver; Geiger, Felix

Deflationary vs. inflationary expectations : a new-Keynesian perspective with heterogeneous agents and monetary believes

dc.contributor.author	Sauter, Oliver	de
dc.contributor.author	Geiger, Felix	de
dc.date.accessioned	2024-04-08T08:42:35Z
dc.date.available	2024-04-08T08:42:35Z
dc.date.created	2009-07-29
dc.date.issued	2009
dc.description.abstract	We expand a standard New-Keynesian model by allowing for a special role of money in the inflation and expectations building process. Motivated by the two-pillar Phillips curve, we introduce heterogeneous expectations. Thereby a fraction of agents forms inflation expectations by observing trend money growth. We show that in the presence of these monetary believers, contractive shocks to the economy produce smoother dynamics for inflation and output. We also find that monetary policy should follow a conventional Taylor rule with contemporaneous inflation and output data, if it is uncertain about the fraction of monetary believers.	en
dc.identifier.swb	309153085
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/5259
dc.identifier.urn	urn:nbn:de:bsz:100-opus-3694
dc.language.iso	eng
dc.relation.ispartofseries	Hohenheimer Diskussionsbeiträge; 312
dc.rights.license	publ-ohne-pod	en
dc.rights.license	publ-ohne-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_ubh.php
dc.subject	New-Keynesian model	en
dc.subject	Monetary policy	en
dc.subject	Two-pillar Phillips curve	en
dc.subject	Heterogenous expectations	en
dc.subject	Monetary believes	en
dc.subject.ddc	330
dc.subject.gnd	Geldpolitik	de
dc.subject.gnd	Inflationstheorie	de
dc.title	Deflationary vs. inflationary expectations : a new-Keynesian perspective with heterogeneous agents and monetary believes	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.export.bibtex	@techreport{Sauter2009, url = {https://hohpublica.uni-hohenheim.de/handle/123456789/5259}, author = {Sauter, Oliver and Geiger, Felix}, title = {Deflationary vs. inflationary expectations : a new-Keynesian perspective with heterogeneous agents and monetary believes}, year = {2009}, school = {Universität Hohenheim}, series = {Hohenheimer Diskussionsbeiträge}, }
local.export.bibtexAuthor	Sauter, Oliver and Geiger, Felix
local.export.bibtexKey	Sauter2009
local.export.bibtexType	@techreport
local.faculty.number	3	de
local.institute.number	520alt	de
local.opus.number	369
local.series.issueNumber	312
local.series.title	Hohenheimer Diskussionsbeiträge
local.university	Universität Hohenheim	de
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institut für Volkswirtschaftslehre (bis 2010)	de

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