194
Views
0
CrossRef citations to date
0
Altmetric
Articles

Role of monetary policy in a New Keynesian economy: a note from a laboratory experiment

, &
Pages 204-216 | Received 11 Jun 2015, Accepted 30 Sep 2015, Published online: 10 Nov 2015

References

  • Adam, K. 2007. Experimental evidence on the persistence of output and inflation. Economic Journal 117, no. 520: 603–636. doi:10.1111/ecoj.2007.117.issue-520
  • Bernanke, B.S., and M. Woodford. 1997. Inflation forecasts and monetary policy. Journal of Money, Credit and Banking 29, no. 4: 653–684. doi:10.2307/2953656
  • Bernasconi, M., and O. Kirchkamp. 2000. Why do monetary policies matter? An experimental study of saving and inflation in an overlapping generations model. Journal of Monetary Economics 46, no. 2: 315–343. doi:10.1016/S0304-3932(00)00030-1
  • Clarida, R., J. Gali, and M. Gertler. 2000. Monetary policy rules and macroeconomic stability: Evidence and some theory. Quarterly Journal of Economics 115, no. 1: 147–180. doi:10.1162/qjec.2000.115.issue-1
  • Das, A. 2009. Heterogeneity in Inflation expectation: An experimental economics approach. M.Phil diss., department of Economics, Jadavpur University, India.
  • Das, A., A. Ghosh, and G. Gupta. 2012. Expectation formation in a New Keynesian model: Evidence from an experiment. Center for Advanced Studies Working Paper # 07-12, Department of Economics, Jadavpur University, India
  • Evans George, W. 1989. The fragility of sunspots and bubbles. Journal of Monetary Economics 23: 297–317. doi:10.1016/0304-3932(89)90053-6
  • Evans George, W., and S. Honkapohja. 1994. On the local stability of sunspot equilibria under adaptive learning rules. Journal of Economic Theory 64, no. 1: 142–161. doi:10.1006/jeth.1994.1059
  • Evans George, W., and S. Honkapohja. 2001. Learning and expectations in macroeconomics. Princeton, NJ: Princeton University Press.
  • Hazelett, D., and A. Kernen. 2002. Hyperinflation and seigniorage in an experimental overlapping generations economy. Mimeo, Walla Walla, WA: Whitman College.
  • Kobayashi, T., and I. Muto. 2013. A note on expectational stability under nonzero trend inflation. Macroeconomic Dynamics 17, no. 03: 681–693.
  • Kruskal, W.H., and W.A. Wallis. 1952. Use of ranks in one-criterion variance analysis. Journal of the American Statistical Association 47: 583–621. doi:10.1080/01621459.1952.10483441
  • Kruskal, W.H., and W.A. Wallis. 1953. Errata: Use of ranks in one-criterion variance analysis. Journal of the American Statistical Association 48: 907–911. doi:10.2307/2281082
  • Kryvtsov, O., and L. Petersen. 2013. Expectations and monetary policy: Experimental evidence. Working Papers 13–44. Ottawa, ON: Bank of Canada.
  • Marimon, R., and S. Sunder. 1995. Does a constant money growth rule help stabilize inflation? Experimental evidence. Carnegie-Rochester Conference Series on Public Policy 43: 111–156. doi:10.1016/0167-2231(95)90041-1
  • McCallum, B.T., and E. Nelson. 2004. Timeless perspective vs. discretionary monetary policy in forward-looking models. Federal Reserve Bank of St. Louis Review 86, no. 2: 43.56.
  • Pfajfar, D., and B. Žakelj. 2014. Experimental evidence on inflation expectation formation. Journal of Economic Dynamics and Control 44: 147–168. doi:10.1016/j.jedc.2014.04.012
  • Siegel, S., and N.J. Castellan Jr. 1988. Nonparametric statistics for the behavioral sciences. New York, NY: McGraw–Hill.
  • Taylor, J.B. 1993. Discretion versus policy rules in practice. Carnegie-Rochester Conference Series on Public Policy 39, no. 1: 195–214. doi:10.1016/0167-2231(93)90009-L
  • Taylor, J.B. 1999. Staggered price and wage setting in macroeconomics. In Handbook of macroeconomics. 1st ed. Vol. 1. Chap. 15, ed. J.B. Taylor and M. Woodford, 1009–1050. San Diego, CA: Elsevier.
  • Assenza, T., P. Heemeijer, C. Hommes, and D. Massaro. 2013. Individual expectations and aggregate macro behavior. Tinbergen Institute Discussion Papers 13-016/II, Tinbergen Institute.
  • Warnick, J.E., and N. Turdaliev. 2010. An experimental test of Taylor-type rules with inexperienced central bankers. Experimental Economics 13, no. 2: 146–166. doi:10.1007/s10683-010-9233-9

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.