| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP3445
|
| DP3445 The Case Against Board Veto in Corporate Takeovers |
| Lucian Arye Bebchuk
|
| 发表日期 | 2002-07-20
|
| 出版年 | 2002
|
| 语种 | 英语
|
| 摘要 | The volatile data for inflation, output, and interest rates in the United Kingdom prior to the 1990s, and the relative macroeconomic stability associated with inflation targeting, provide a rich basis for discriminating between rival explanations for the outbreak of stagflation. We examine alternative hypotheses with a New Keynesian model of aggregate demand and inflation determination, estimated on quarterly UK data for 1959?2000. Our model features IS and Phillips curves based on optimizing behavior, and fully incorporates the distinction between detrended output and the output gap stressed by optimizing analysis. Using simulations of our model as well as information on the ?real-time? views of policymakers, we test alternative explanations for the outbreak of inflation in the United Kingdom in the 1960s and 1970s. We find that inaccurate estimates of the degree of excess demand in the economy contributed significantly to the outbreak. But we also find a major role for the failure at the time to recognize the importance of monetary policy, as opposed to nonmonetary devices, in controlling inflation. |
| 主题 | International Macroeconomics
|
| 关键词 | Output gap
Stagflation
Monetary policy rules
Great inflation
|
| URL | https://cepr.org/publications/dp3445
|
| 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/532464
|
推荐引用方式
GB/T 7714 |
Lucian Arye Bebchuk. DP3445 The Case Against Board Veto in Corporate Takeovers. 2002.
|
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