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ID 33225
file
creator
Matsukawa, Shigeru
Okamura, Kumiko
NDC
Economics
abstract
In our neoclassical Phillips curve model, two types of discretionary equilibria can be characterized as a deflationary equilibrium and a high-inflation equilibrium and the absolute value of feedback coefficient on the lagged output gap is larger for the former. This implies that more active policy corresponding to monetary policy during the Greenspan era, brings about deflation rather than high inflation under discretion. This critical aspect contradicts the results obtained in the context of the "rule versus discretion" literature. Furthermore, the discretionary regime in the Greenspan era is unstable, and the equilibrium corresponding to the discretionary regime before 1979, is stable.
journal title
The Hiroshima Economic Review
volume
Volume 36
issue
Issue 1
start page
93
end page
102
date of issued
2012-07-20
publisher
広島大学経済学会
issn
0386-2704
ncid
language
eng
nii type
Departmental Bulletin Paper
HU type
Departmental Bulletin Papers
DCMI type
text
format
application/pdf
text version
publisher
rights
Copyright (c) 2012 広島大学
department
Graduate School of Social Sciences
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