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Interest-rate policy and rational expectations |
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| Authors: | Torben M Andersen |
| Institution: | CORE Belgium University of Aarhus Denmark |
| Abstract: | The choice of monetary instrument under rational expectations is discussed in a general equilibrium model for the financial sector. It is shown that a supply rule leads to indeterminate asset prices, whereas the prices are determinate under an appropriately formulated interest-rate policy. |
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