Corrigendum to “Limited asset markets participation, monetary policy and (inverted) aggregate demand logic” (Limited asset markets participation, monetary policy and (inverted) aggregate demand logic (2008) 140(1) (162–196), (S0022053107001159) (10.1016/j.jet.2007.07.008));Limited asset markets participation, monetary policy and (inverted) aggregate demand logic

Journal of Economic Theory

Volumn 140, Issue 1, 2008, Pages 162-196

  Bilbiie, Florin O ^a,b  

^a HEC PARIS   (France)

^b NUFFIELD COLLEGE   (United Kingdom)

Author keywords

Aggregate demand; Dynamic general equilibrium; Limited asset markets participation; Optimal monetary policy; Real (in)determinacy; Taylor principle

Indexed keywords

EID: 42949090272     PISSN: 00220531     EISSN: 10957235     Source Type: Journal    
DOI: 10.1016/j.jet.2019.03.008     Document Type: Erratum

References (47)

1. F. Alvarez R.E. Lucas Jr. W. Weber Interest rates and inflation Amer. Econ. Rev. 91 2 2001 219 225
2. J.-P. Benassy Interest rate rules, price determinacy and the value of money in a non Ricardian world Rev. Econ. Dynam. 8 3 2005 651 667
3. J. Benhabib S. Eusepi The design of monetary and fiscal policy: a global perspective J. Econ. Theory 123 1 2005 40 73
4. J. Benhabib R. Farmer Indeterminacy and sunspots in macroeconomics J. Taylor M. Woodford Handbook of Macroeconomics vol. 1b 1999 North-Holland Amsterdam
5. J. Benhabib R. Farmer The monetary transmission mechanism Rev. Econ. Dynam. 3 3 2000 523 550
6. B. Bernake M. Woodford Inflation forecasts and monetary policy J. Money, Credit Banking 24 1997 653 684
7. F.O. Bilbiie, Limited asset markets participation, monetary policy and (inverted) Keynesian logic, Working Paper 09/2005, Nuffield College, University of Oxford, 2005.
8. F.O. Bilbiie, R. Straub, Fiscal policy, business cycles and labor market fluctuations, Working Paper, Magyar Nemzeti Bank, 2003.
9. F.O. Bilbiie, R. Straub, Asset markets participation, monetary policy rules and the great inflation, International Monetary Fund Working Paper, 2006.
10. G. Calvo Staggered prices in a utility-maximizing framework J. Monet. Econ. 12 1983 383 398
11. J.Y. Campbell N.G. Mankiw Consumption, income, and interest rates: reinterpreting the time series evidence O. Blanchard S. Fisher NBER Macroeconomics Annual 1989 MIT Press Cambridge, MA 185 216
12. C.T. Carlstrom T.S. Fuerst F. Ghironi Does it matter (for equilibrium determinacy) what price index the central bank targets? J. Econ. Theory 127 1 2006 214 231
13. R. Clarida J. Galí M. Gertler The science of monetary policy: a new Keynesian perspective J. Econ. Lit. 37 1999 1661 1707
14. R. Clarida J. Galí M. Gertler Monetary policy rules and macroeconomic stability: evidence and some theory Quart. J. Econ. 115 2000 147 180
15. J.H. Cochrane The sensitivity of tests of the intertemporal allocation of consumption to near-rational alternatives Amer. Econ. Rev. 79 3 1989 319 337
16. W. Dupor Investment and interest rate policy J. Econ. Theory 98 1 2000 85 113
17. G. Evans S. Honkapohja Expectations and the stability problem for optimal monetary policy Rev. Econ. Stud. 70 2003 807 824
18. R. Farmer The Macroeconomics of Self-fulfilling Prophecies 1999 MIT Press Cambridge, MA
19. J. Galí Technology, employment, and the business cycle: do technology shocks explain aggregate fluctuations? Amer. Econ. Rev. 1999 249 271
20. J. Galí J.D. López-Salido J. Vallés Understanding the effects of government spending on consumption J. Europ. Econ. Assoc., 5 1 2007 227 270
21. J. Galí J.D. Lopez-Salido J. Valles Rule-of-thumb consumers and the design of interest rate rules J. Money, Credit Banking 36 4 2004 739 764
22. J. Galí T. Monacelli Monetary policy and exchange rate volatility in a small open economy Rev. Econ. Stud., 73 1 2006 163 193
23. M. Giannoni M. Woodford Optimal inflation-targeting rules B. Bernanke M. Woodford The Inflation Targeting Debate 2004 University of Chicago Press Chicago 93 162
24. M. Goodfriend R. King The new neoclassical synthesis and the role of monetary policy B. Bernanke J. Rotemberg NBER Macroeconomics Annual 1997 MIT Press Cambridge, MA 231 282
25. E. Hurst, Grasshoppers, ants and pre-retirement wealth: a test of permanent income consumers, NBER Working Paper 10098, 2004.
26. P. Ireland Technology shocks in the New Keynesian model Rev. Econ. Statist. 86 4 2004 923 936
27. H. Jensen, Monetary policy frameworks and real equilibrium determinacy’, Mimeo, University of Copenhagen, 2002.
28. D. Johnson, J. Parker, N. Souleles, Household expenditure and the income tax rebates of 2001, NBER Working Paper 10784, 2004.
29. J.M. Keynes The General Theory of Employment, Interest and Money 1935 MacMillan Cambridge
30. E.M. Leeper Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies J. Monet. Econ. 27 1935 129 147
31. C. Leith, L. von Thadden, Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers, J. Econ. Theory, 2007, doi: 10.1016/j.jet.2007.07.005 .
32. T. Lubik F. Schorfheide Computing sunspot equilibria in linear rational expectations models J. Econ. Dynam. Control 28 2 2003 273 285
33. T. Lubik F. Schorfheide Testing for indeterminacy: an application to US monetarypolicy Amer. Econ. Rev. 94 1 2004 190 217
34. N.G. Mankiw The Savers–Spenders theory of fiscal policy Amer. Econ. Rev. 90 2 2000 120 125
35. T. Mayer Monetary Policy and the Great Inflation in the United States: The Federal Reserve and the Failure of Macroeconomic Policy, 1965–79 1999 Edward Elgar Publishing
36. C.B. Mulligan X. Sala-i-Martin Extensive margins and the demand for money at low interest rates J. Polit. Economy 108 5 2000 961 991
37. J. Rotemberg M. Woodford Dynamic general equilibrium models and imperfect product markets Th. Cooley Frontiers of Business Cycle Research 1995 Princeton University Press Princeton, NJ
38. J. Rotemberg, M. Woodford, The cyclical behavior of prices and costs, in: J.B. Taylor, M. Woodford (Eds.), Handbook of Macroeconomics, vol. 1B, 1999.
39. T. Sveen L. Weinke New perspectives on capital, sticky prices, and the Taylor principle J. Econ. Theory 123 2005 21 39
40. L. Svensson Inflation targeting as a monetary policy rule J. Monet. Econ. 43 1999 607 654
41. J.B. Taylor Discretion versus policy rules in practice Carnegie–Rochester Conference Series on Public Policy 39 1993 195 214
42. A. Vissing-Jorgensen Limited asset market participation and the elasticity of intertemporal substitution J. Polit. Economy 110 4 2002 825 853
43. E. Wolff, A. Caner, Asset poverty in the United States, 1984–1999: evidence from the panel study of income dynamics WP 356, The Levy Institute, 2002.
44. M. Woodford, Control of the public debt: a requirement for price stability? NBER Working Paper no. 5684, 1996.
45. M. Woodford The Taylor rule and optimal monetary policy Amer. Econ. Rev. 91 2 2001 232 237
46. M. Woodford Interest and Prices: Foundations of a Theory of Monetary Policy 2003 Princeton University Press Princeton, NJ
47. T. Yun Nominal price rigidity, money supply endogeneity, and business cycles J. Monet. Econ. 37 2 1996 345 370