| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3469 |
| DP3469 Assortative Matching in a Non-transferable World | |
| Andrew Newman | |
| 发表日期 | 2002-07-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is non-linear. Analytical results show that these features lead to sign and size asymmetries, and non-linearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a non-linear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed?s inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime. |
| 主题 | International Macroeconomics |
| 关键词 | Non-linear taylor rules Inflation targets Asymmetric preferences Non-linear phillips curve monetary policy |
| URL | https://cepr.org/publications/dp3469 |
| 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/532487 |
| 推荐引用方式 GB/T 7714 | Andrew Newman. DP3469 Assortative Matching in a Non-transferable World. 2002. |
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