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- W626014796 abstract "Yes, indeed; at least for macroeconomic policy interaction. We examine a Neo-Classical economy and provide the conditions for policy arrangements to successfully stabilize the economy when agents have either rational or adaptive expectations. For a contemporaneous-data monetary policy rule, the monetarist solution is unique and stationary under a passive fiscal/active monetary policy regime if monetary policy appropriately incorporates expectational heterogeneity. In contrast, the active fiscal/passive monetary policy regime’s fiscalist solution is prone to explosiveness due to empirically plausible expectational heterogeneity. Nevertheless, this can be a well-defined, rather orthodox equilibrium. For operational monetary policy rules, only the results for the fiscalist solution prevail. Moreover, our results are plausible from an adaptive learning viewpoint and, conditional on stationarity, both regimes yield promising business cycle dynamics." @default.
- W626014796 created "2016-06-24" @default.
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- W626014796 date "2015-01-01" @default.
- W626014796 modified "2023-09-23" @default.
- W626014796 title "Do Heterogeneous Expectations Constitute a Challenge for Policy Interaction?" @default.
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- W626014796 doi "https://doi.org/10.2139/ssrn.2671215" @default.
- W626014796 hasPublicationYear "2015" @default.
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