| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2842 |
| DP2842 The International Lender of Last Resort: How Large is Large Enough? | |
| Charles Wyplosz; Olivier Jeanne | |
| 发表日期 | 2001-07-06 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | A long-standing area of research and policy interest has been the construction of a measure of monetary policy stance. One measure that has been proposed?as an alternative to indices that employ monetary aggregates or exchange rates?is the spread between the actual real interest rate and its flexible-price, or natural-rate, counterpart. We examine the properties of the natural real interest rate and ?real interest rate gap? using a dynamic stochastic general equilibrium model. Issues we investigate include: (1) the response of the gap and its components to fundamental economic shocks; and (2) the indicator and forecasting properties of the real interest rate gap for inflation, both in the model and in the data. Our results suggest that the real interest rate gap has value as an inflation indicator, supporting the ?neo-Wicksellian framework? advocated by Woodford (2000). |
| 主题 | International Macroeconomics |
| 关键词 | Natural interest rate monetary policy inflation Output gap Real interest rate gap |
| URL | https://cepr.org/publications/dp2842 |
| 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/531918 |
| 推荐引用方式 GB/T 7714 | Charles Wyplosz,Olivier Jeanne. DP2842 The International Lender of Last Resort: How Large is Large Enough?. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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