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Thursday, July 23, 2020 | History

4 edition of Monetary discretion, pricing complementarity, and dynamic multiple equilibria found in the catalog.

Monetary discretion, pricing complementarity, and dynamic multiple equilibria

Robert G. King

Monetary discretion, pricing complementarity, and dynamic multiple equilibria

by Robert G. King

  • 391 Want to read
  • 39 Currently reading

Published by Federal Reserve Bank of Richmond in [Richmond, Va.] .
Written in English

    Subjects:
  • Monetary policy.,
  • Price regulation.,
  • Inflation (Finance)

  • Edition Notes

    StatementRobert G. King and Alexander L. Wolman.
    SeriesWorking paper ;, no. 04-5, Working paper (Federal Reserve Bank of Richmond : Online) ;, no. 04-5.
    ContributionsWolman, Alexander L., Federal Reserve Bank of Richmond.
    Classifications
    LC ClassificationsHB1
    The Physical Object
    FormatElectronic resource
    ID Numbers
    Open LibraryOL3390512M
    LC Control Number2004620224

      “Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria”, with Alexander L. Wolman, Quarterly Journal of Economics, (4): November , “Optimal Monetary Policy,” with Aubhik Khan and Alexander L. Wolman, Review of Economic Studies, 70 (4): October , Dynamic Models Useful for Policy. J "Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria" Alexander Wolman (Federal Reserve Bank of Richmond) "Taxation and the Taylor Principle" Rochelle Edge (Board of Governors).

    Monetary discretion, pricing complementarity and dynamic multiple equilibria International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (63) Also in NBER Working Papers, National Bureau of Economic Research, Inc () View citations (4). King, R. and A. Wolman (). Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria. Quarterly Journal of Economics (4), — Kirsanova, T. and S. Wren-Lewis (). Optimal Fiscal Feedback on Debt in an Economy with Nominal Rigidities. Economic Journal. Forthcoming. Kwakernaak, H. and R. Sivan ().

    and multiple equilibria has been especially prominent in the monetary policy literature. Khan, King, and Wolman ()andKing and Wolman () showed that in Taylor-style models with prices set for three and two periods, respectively, under discretion there are multiple equilibrium values of the price set by adjusting firms.1 Calvo and Taylor. King, Robert G. and Wolman, Alexander L. () Monetary discretion, pricing complementarity, and dynamic multiple equilibria. Quarterly Journal of Economics (4), – Kydland, Finn E. and Prescott, Edward G. () Rules rather than discretion: The inconsistency of optimal plans.


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Monetary discretion, pricing complementarity, and dynamic multiple equilibria by Robert G. King Download PDF EPUB FB2

Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria* Robert G. King. Boston University, Federal Reserve Bank of Richmond, and National Bureau of Economic Research Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria, The Quarterly Journal of Economics, VolumeIssue 4, Cited by: Issued in August NBER Program (s): Economic Fluctuations and Growth Program, Monetary Economics Program.

In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria.

Complementarity between the pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically dynamic Cited by: In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria.

Complementarity between the pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically dynamic in nature. Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria* Robert G. King and Alexander L. Wolman March Abstract: In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria.

Complementarity between theCited by: King, Robert G. (Robert Graham) and Wolman, Alexander L. "Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria, Working Paper ," Working Papers (Federal Reserve Bank of Richmond) (June ).

accessed on Author: Robert G. King, Alexander L. Wolman. Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria,” The Quarterly Article in Quarterly Journal of Economics (4).

Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria Robert G. King and Alexander L. Wolman. Download paper. A discretionary policymaker responds to the state of the economy each period.

Private agents' current behavior determines the future state based on expectations of future policy. Discretionary policy thus can. Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria ∗ Robert G. King and Alexander L.

Wolman J Abstract We study a basic New Keynesian model, featuring monopolistic com-petition and two period staggered price setting, under a regime of discre-tionary monetary policy.

We assume that the monetary authority max. Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria A discretionary policy-maker responds to the state of the economy each period.

Private agents' current behavior determines the future state based on expectations of future policy. Several papers find multiple equilibria in a variety of monetary economies.

15 Albanesi et al. () explores a cash/credit good model and show that monetary policy discretion may lead to. MONETARY DISCRETION, PRICING COMPLEMENTARITY, AND DYNAMIC MULTIPLE EQUILIBRIA* R OBERT G.

K ING AND A LEXANDER L. W OLMAN A discretionary policy-maker responds to the state of the economy each period. Private agents current behavior determines the future state based on expectations of future policy.

Discretionary policy thus can lead to dynamic. Monetary discretion, pricing complementarity, and dynamic multiple equilibria Author: Robert G King ; Alexander L Wolman ; National Bureau of Economic Research.

Monetary Discretion, Pricing Complementarity and Dynamic multiple equilibria. In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria.

Complementarity between the pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically. Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria Robert G.

King; Alexander L. Wolman (April ) Abstract: In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria.

Abstract: In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria. Complementarity between the pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically dynamic in nature.

Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria NBER Working Paper No. w Number of pages: 33 Posted: 29 Aug Last Revised: 04 Nov Interest rate interdependence between the euro area and the United States” by.

Ehrmann and M. Fratzscher, April “Monetary discretion, pricing complementarity and dynamic multiple equilibria” by R. King. and A. Wolman, April Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria,” The Quarterly (). The main contribution of the paper is to show that discretion can give rise to multiple equilibria.

This is another cost of discretion. The mechanism at the heart of the model can be described by looking at two consecutive periods, say 1 and 2. In period 1, one half of the firms set their price for period 1 and period 2. They set the same price P. Enter the password to open this PDF file: Cancel OK.

File name:. Title: Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria Created Date: Z.monetary policy leads to multiple equilibria.

Complementarity between the pricing decisions of forward-looking firms underlies the multiplicity, whic h is intrinsically dynamic in nature.Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria ∗ Robert G. King and Alexander L. Wolman Federal Reserve Bank of Richmond Working Paper No.

June JEL Nos. D78, E5, E61, E78 Keywords: monetary policy, discretion, time-consistency, multiple equilibria, complementarity Abstract.