Constant interest rate projections without the curse of indeterminacy
Constant interest rate projections without the curse of indeterminacy
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Constant interest rate (CIR) projections are often criticized on the grounds that they are inconsistent with the existence of a unique equilibrium in a variety of forward-looking models. This note shows how to construct CIR projections that are not subject to that criticism, using a standard New Keynesian model as a reference framework.Director i departament
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