The article outlines the Calvo framework in macroeconomic models, detailing household equilibrium, price-setting problems, and the implications of shocks on nominal and real equilibria.
Equilibrium analysis encompasses stochastic dynamics, employing ergodic theory to enhance the understanding of economic behavior under uncertainty, crucial for modern economic modeling.
The paper discusses the general linearized Phillips curve, focusing on slope and error coefficients, which are pivotal in understanding inflationary dynamics and expectations.
Bifurcation analysis provides insight into the analytic and algebraic aspects of economic models, offering a deeper understanding of singularities and economic interpretations.
#calvo-framework #macroeconomic-modeling #equilibrium-analysis #phillips-curve #bifurcation-analysis
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