Please use this identifier to cite or link to this item: http://cris.teiep.gr/jspui/handle/123456789/1331
Title: Stochastic refinement of the Pecorinos optimal inflation-Rate model
Authors: 
Keywords: Μακροοικονομική, (JEL:E3,E4,C3)
Στοχαστικές διαφορικές εξισώσεις στην οικονομία
Issue Date: 1-Oct-1998
Publisher: European Research Studies Journal ,University of Piraeus
Abstract: ABSTRACT In this short paper with title “Stochastic refinement of the Pecorino’s Optimal Inflation-Rate model ”, we extend the model of Pecorino to include stochastic effects. The basic result is that under natural conditions the optimality of the model’s inflation rate, remains, even if we refine it to a stochastic model. The stochastic refinement has in addition a three-fold effect: a) It makes the model mathematically more sophisticated and advanced b) It gives to it statistical and econometric foundation; it is therefore related directly to empirical measurements. c) Many different cases can be considered to follow the model (up to a probability of an error ) that in the previous deterministic formulation should be excluded. (JEL:E3,E4,C3)
URI: http://cris.teiep.gr/jspui/handle/123456789/1331
Appears in Collections:Δημοσιεύσεις σε Περιοδικά

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