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Abstract

For deriving equilibrium of sticky-price-monopolistic competition New Keynesian models, first-order conditions are often used. This paper shows that they may not be sufficient and presents a case out of a simple model where there exists no equilibrium. This is true even when Taylor rule is assumed.



Item Type: MPRA Paper -

Original Title: The perils of first-order conditions of New Keynesian models-

Language: English-

Keywords: New Keynesian, sticky price, monopolistic competition, consistency, first-order conditions-

Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic MethodologyC - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C61 - Optimization Techniques ; Programming Models ; Dynamic AnalysisC - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C62 - Existence and Stability Conditions of EquilibriumE - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E13 - NeoclassicalE - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy-





Autor: Kim, Minseong

Fuente: https://mpra.ub.uni-muenchen.de/70753/







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