Barbara Annicchiarico, Giancarlo Marini
Abstract
ABSTRACT This paper analyses the issue of price level determinacy in an optimizing general equilibrium model with overlapping generations. It is shown that under a pure interest rate peg wealth effects rule out nominal indeterminacy but give rise to multiple equilibria.
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ABSTRACT This paper analyses the issue of price level determinacy in an optimizing general equilibrium model with overlapping generations. It is shown that under a pure interest rate peg wealth effects rule out nominal indeterminacy but give rise to multiple equilibria.
Key concepts: Determinacy, Economics, Indeterminacy (philosophy), Interest rate, Mathematical economics, Econometrics, Keynesian economics, Monetary economics