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Introduction to monetary policy and capital accumulation |
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| Authors: | Jess Benhabib |
| Institution: | a Department of Economics, New York University, 269 Mercer Street, 7th Floor, New York, NY, USA b Federal Reserve Bank of Cleveland, Cleveland, OH, 44101, USA c Bowling Green State University, Bowling Green, OH, 43403, USA |
| Abstract: | The papers in this symposium address the issue of multiple equilibria that can be induced by monetary policy in models with capital accumulation. In particular they examine how the “Taylor Principle”, under which interest rates respond more than proportionately to increases in inflation, can generate multiple equilibria. They also explore the design of policies to avoid the problem of multiple equilibria and indeterminacy. |
| Keywords: | E22 E31 E52 E63 |
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