Nominal Interest Rate Pegging Under Alternative Expectations Hypotheses
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 nonverti...
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| Format: | Book |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
1988
Washington, D.C. : 1988 |
| Series: | IMF Working Papers; Working Paper ;
No. 1988/094 IMF eLibrary |
| Subjects: |