| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2740 |
| DP2740 To Merge or to License: Implications for Competition Policy | |
| Ramon Faulí-Oller; Joel Sandonís | |
| 发表日期 | 2001-03-27 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper reviews the distinction between the timeless perspective and discretionary modes of monetary policymaking, the former representing rule-based policy as recently formalized by Woodford (1999b). In models with forward-looking expectations there is typically a second inefficiency from discretionary policymaking, besides the inflationary bias. The Paper presents calculations of the quantitative magnitude of this second inefficiency, using calibrated models of two prominent types; it examines the distinction between instrument rules and targeting rules; and briefly investigates operationality issues involving the unobservability of current output and the possibility that an incorrect concept of the natural-rate level of output is used by the policymaker. |
| 主题 | International Macroeconomics |
| 关键词 | Rules Discretion Expectations Policymaking |
| URL | https://cepr.org/publications/dp2740 |
| 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/531796 |
| 推荐引用方式 GB/T 7714 | Ramon Faulí-Oller,Joel Sandonís. DP2740 To Merge or to License: Implications for Competition Policy. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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