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

dc.contributor.authorSauter, Oliverde
dc.contributor.authorGeiger, Felixde
dc.date.accessioned2024-04-08T08:42:35Z
dc.date.available2024-04-08T08:42:35Z
dc.date.created2009-07-29
dc.date.issued2009
dc.description.abstractWe 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.swb309153085
dc.identifier.urihttps://hohpublica.uni-hohenheim.de/handle/123456789/5259
dc.identifier.urnurn:nbn:de:bsz:100-opus-3694
dc.language.isoeng
dc.relation.ispartofseriesHohenheimer Diskussionsbeiträge; 312
dc.rights.licensepubl-ohne-poden
dc.rights.licensepubl-ohne-podde
dc.rights.urihttp://opus.uni-hohenheim.de/doku/lic_ubh.php
dc.subjectNew Keynesian modelen
dc.subjectMonetary policyen
dc.subjectTwo-pillar Phillips curveen
dc.subjectHeterogenous expectationsen
dc.subjectMonetary believesen
dc.subject.ddc330
dc.subject.gndGeldpolitikde
dc.subject.gndInflationstheoriede
dc.titleDeflationary vs. inflationary expectations : a new-Keynesian perspective with heterogeneous agents and monetary believesde
dc.type.dcmiTextde
dc.type.diniWorkingPaperde
local.accessuneingeschränkter Zugriffen
local.accessuneingeschränkter Zugriffde
local.bibliographicCitation.publisherPlaceUniversität Hohenheimde
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.bibtexAuthorSauter, Oliver and Geiger, Felix
local.export.bibtexKeySauter2009
local.export.bibtexType@techreport
local.faculty.number3de
local.institute.number520altde
local.opus.number369
local.series.issueNumber312
local.series.titleHohenheimer Diskussionsbeiträge
local.universityUniversität Hohenheimde
local.university.facultyFakultät Wirtschafts- und Sozialwissenschaftende
local.university.instituteInstitut für Volkswirtschaftslehre (bis 2010)de

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