Browsing Norges Banks vitenarkiv by Author "Henderson, Dale"
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Price-Level Determinacy, Lower Bounds on the Nominal Interest Rate, and Liquidity Traps
Alstadheim, Ragna; Henderson, Dale (Working Papers;3/2006, Working paper, 2006)We consider standard monetary-policy rules with inflation-rate targets and interest-rate or money-growth instruments using a flexible-price, perfect foresight model. There is always a locally-unique target equilibrium. ...