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EMU and the Lucas Critique

✍ Scribed by Ron Smith

Book ID: 116423850
Publisher: Elsevier Science
Year: 2009
Tongue: English
Weight: 210 KB
Volume: 26
Category: Article
ISSN: 0264-9993
DOI: 10.1016/j.econmod.2008.07.008

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## Abstract This paper reconsiders the empirical relevance of the Lucas critique using a DSGE sticky price model in which a weak central bank response to inflation generates equilibrium indeterminacy. The model is calibrated to capture the magnitude of the historical shift in the Federal Reserve's