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- W3124157411 abstract "Benhabib, Schmitt-Grohe, and Uribe (2003) 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 their 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." @default.
- W3124157411 created "2021-02-01" @default.
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- W3124157411 date "2003-01-01" @default.
- W3124157411 modified "2023-09-27" @default.
- W3124157411 title "Comments on backward-looking interest-rate rules, interest-rate smoothing, and macroeconomic instability" @default.
- W3124157411 hasPublicationYear "2003" @default.
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