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Export Reference (APA) 
Gomes, O. (2009). Stability analysis in a monetary model with a varying intertemporal elasticity of substitution . The ICFAI Journal of Monetary Economics. 7 (2), 32-41
Export Reference (IEEE) 
O. M. Gomes,  "Stability analysis in a monetary model with a varying intertemporal elasticity of substitution ", in The ICFAI Journal of Monetary Economics, vol. 7, no. 2, pp. 32-41, 2009
Export BibTeX 
@article{gomes2009_1715947379514,
	author = "Gomes, O.",
	title = "Stability analysis in a monetary model with a varying intertemporal elasticity of substitution ",
	journal = "The ICFAI Journal of Monetary Economics",
	year = "2009",
	volume = "7",
	number = "2",
	pages = "32-41",
	url = "http://www.iupindia.in/Monetary_Economics.asp"
}
Export RIS 
TY  - JOUR
TI  - Stability analysis in a monetary model with a varying intertemporal elasticity of substitution 
T2  - The ICFAI Journal of Monetary Economics
VL  - 7
IS  - 2
AU  - Gomes, O.
PY  - 2009
SP  - 32-41
SN  - 0972-9291
UR  - http://www.iupindia.in/Monetary_Economics.asp
AB  - Models dealing with monetary policy are generally based on microfoundations
that characterize the behaviour of representative agents (households and firms). To explain
the representative consumer behaviour, it is generally assumed a utility function in which
the intertemporal elasticity of substitution is constant. Recent literature casts some doubts
about the relevance of considering such a constant elasticity value. In this note, we explore
the new Keynesian monetary policy model under the assumption that the elasticity of
substitution changes with expectations regarding real economic performance. As a result,
one observes that some combinations of parameter values allow for a stable fixed point
outcome, while other combinations of parameters are compatible with cycles of various
periodicities and even a-periodic fluctuations. 
ER  -