| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3020 |
| DP3020 Sorting, Education and Inequality | |
| Raquel Fernández | |
| 发表日期 | 2001-10-16 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | In the past few years the view has commonly been expressed that central banks follow `Taylor Rules' (as first promulgated by Henderson and McKibbin (1993)). We show that the appearance of such an interest rate rule ? a ?pseudo-Taylor rule? ? can be created by a standard macro model in which actually a money supply rule is operating with no interest rate feedback ? i.e, where there is in fact no Taylor rule operating at all. Hence an interest equation does not identify a (structural) Taylor rule; a Taylor rule and a pseudo-rule, though corresponding to different structural models, are ?observationally equivalent? to use the expression coined by Thomas Sargent (1976). It remains an open question whether Taylor rules or money supply rules are appropriate from a welfare viewpoint. |
| 主题 | International Macroeconomics |
| 关键词 | Observational equivalence Monetary policy rules |
| URL | https://cepr.org/publications/dp3020 |
| 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/532030 |
| 推荐引用方式 GB/T 7714 | Raquel Fernández. DP3020 Sorting, Education and Inequality. 2001. |
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