| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3905 |
| DP3905 Household Labour Supply and Welfare Participation in Sweden | |
| Lennart Flood; Jörgen Hansen; Roger Wahlberg | |
| 发表日期 | 2003-05-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Using New Keynesian models, we compare Friedman ?s k-percent money supply rule to optimal interest rate setting, with respect to determinacy, stability under learning and optimality. First we review the recent literature: open-loop interest rate rules are subject to indeterminacy and instability problems, but a properly chosen expectations-based rule yields determinacy and stability under learning, and implements optimal policy. We show that Friedman?s rule also can generate equilibria that are determinate and stable under learning. Computing the mean quadratic welfare loss, however, we find for calibrated models that Friedman?s rule performs poorly when compared to the optimal interest rate rule. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Determinacy Stability under learning |
| URL | https://cepr.org/publications/dp3905 |
| 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/532881 |
| 推荐引用方式 GB/T 7714 | Lennart Flood,Jörgen Hansen,Roger Wahlberg. DP3905 Household Labour Supply and Welfare Participation in Sweden. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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