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- W2160470768 abstract "Benhabib, Schmitt-Grohe, and Uribe are to be commended for writing a clear and thoughtful paper. Most researchers simply look at local analysis when analyzing different monetary policy rules. The present authors, however, have consistently worried about the global properties of different interest-rate rules. In this paper, they argue that if you relied solely on local analysis you would be led to believe that aggressive, backward-looking interest-rate rules are sufficient for determinacy. But from the perspective of global analysis, backward-looking rules do not guarantee uniqueness of equilibrium and indeed may lead to cyclic and even chaotic equilibria. This comment argues that this result is premature. We utilize a discrete-time model and make two observations. First, compared to the corresponding continuous time model, the cyclic equilibria under a backward-looking rule are much less likely to arise in a discrete-time model. Second, pure backward-looking rules are less likely to suffer from these global indeterminacy problems than rules that also include current or future inflation. By “pure” we mean rules where only lagged inflation rates are in the interest-rate rule. This distinction between lagged and current or future inflation does not arise in the continuous time model of Benhabib, SchmittGrohe, and Uribe (2001). An interesting observation is that the discrete-time interest-rate rule that most closely mirrors the results of Benhabib, Schmitt-Grohe, and Uribe (2001) is the rule that includes expected inflation. We also show that these cycles arise because Benhabib, Schmitt-Grohe, and Uribe (2001) adopt a money in the production function (MIPF) framework. As shown by Feenstra (1986) in a flexible price environment, this is equivalent to a money in the utility function (MIUF) framework with a negative cross partial between consumption" @default.
- W2160470768 created "2016-06-24" @default.
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- W2160470768 date "2003-01-01" @default.
- W2160470768 modified "2023-09-26" @default.
- W2160470768 title "Comment on Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing, and Macroeconomic Instability by Jess Benhabib" @default.
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