| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2274 |
| DP2274 Delegation and the Ratchet Effect: Should Regulators Be Pro-Industry? | |
| Jane Rapson; Paul Levine; Neil Rickman | |
| 发表日期 | 1999-10-29 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper is an attempt to provide an updated assessment of what we know and what do not know about the impact of monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we discuss the conditions under which monetary policy can be expected to affect the economy, both over the medium term and the short term, and review the most policy-relevant empirical results, providing some new evidence. Secondly, we analyze the implications that the empirical regularities have for the practical conduct of monetary policy. We focus on whether the existence of short-run real effects can and should be exploited by central banks and whether the impact of monetary policy on the economy may be affected by the present circumstances of low rates of inflation and low nominal interest rates. |
| 主题 | International Macroeconomics |
| 关键词 | Central banks monetary policy Real effects |
| URL | https://cepr.org/publications/dp2274 |
| 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/531367 |
| 推荐引用方式 GB/T 7714 | Jane Rapson,Paul Levine,Neil Rickman. DP2274 Delegation and the Ratchet Effect: Should Regulators Be Pro-Industry?. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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