| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1874 |
| DP1874 Economic Policy and Reforms in Contemporary Italy | |
| Fiorella Kostoris Padoa Schioppa | |
| 发表日期 | 1998-06-30 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | We estimate a forward-looking monetary policy reaction function for the US economy, pre- and post-October 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker-Greenspan period appears to have been much more sensitive to changes in expected inflation than in the pre-Volcker period. We then compare some of the implications of the estimated rules for the equilibrium properties of inflation and output, using a simple macroeconomic model. The pre-Volcker rule is shown to be consistent with the possibility of persistent, self-fulfilling fluctuations in inflation and output. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycles Monetary policy rules Sunspot fluctuations |
| URL | https://cepr.org/publications/dp1874 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531032 |
| 推荐引用方式 GB/T 7714 | Fiorella Kostoris Padoa Schioppa. DP1874 Economic Policy and Reforms in Contemporary Italy. 1998. |
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