Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 15 Jan 2018 My Price 6.00

dynamics of inflation

The liquidity trap. Consider the following model. The dynamics of inflation are given by the continuous-time version of (6.22)–(6.23): π˙(t) = λ[y(t)−y (t)], λ > 0. The IS curve takes the traditional form, y(t) = −[i(t)−π(t)]/θ, θ > 0. The central bank sets the interest rate according to (6.26), but subject to the constraint that the nominal interest rate cannot be negative: i(t) = max[0,π(t) + r (y(t) − y(t),π(t))]. For simplicity, normalize y(t) = 0 for all t.

(a) Sketch the aggregate demand curve for this model—that is, the set of points in (y,π) space that satisfy the IS equation and the rule above for the interest rate.

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Maurice Tutor
(5)
Status NEW Posted 15 Jan 2018 09:01 PM My Price 6.00

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