| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2344 |
| DP2344 Optimal Capital Allocation Using RAROC And EVA | |
| Josef Zechner; Neal Stoughton | |
| 发表日期 | 1999-12-17 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | In this paper, we characterize conditions under which interest rate feedback rules that set the nominal interest rate as an increasing function of the inflation rate induce aggregate instability by generating multiple equilibria. We show that these conditions depend not only on the monetary-fiscal regime (as emphasized in the fiscal theory of the price level) but also on the way in which money is assumed to enter preferences and technology. We provide a number of examples in which, contrary to what is commonly believed, active monetary policy in combination with a fiscal policy that preserves government solvency under all circumstances gives rise to multiple equilibria, and passive monetary policy renders the equilibrium unique. Our general conclusion holds in flexible- and sticky-price environments as well as under backward- or forward-looking interest rate feedback rules. |
| 主题 | International Macroeconomics |
| 关键词 | Interest rate feedback rules Multiple equilbria Sticky prices |
| URL | https://cepr.org/publications/dp2344 |
| 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/531434 |
| 推荐引用方式 GB/T 7714 | Josef Zechner,Neal Stoughton. DP2344 Optimal Capital Allocation Using RAROC And EVA. 1999. |
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