| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP3994
|
| DP3994 Disruptive Technologies and the Emergence of Competition |
| Peter Zemsky; Ron Adner
|
| 发表日期 | 2003-07-23
|
| 出版年 | 2003
|
| 语种 | 英语
|
| 摘要 | The existing literature on the stabilizing properties of interest-rate feedback rules has stressed the perils of linking interest rates to forecasts of future inflation. Such rules have been found to give rise to aggregate fluctuations due to self-fulfilling expectations. In response to this concern, a growing literature has focused on the stabilizing properties of interest-rate rules whereby the central bank responds to a measure of past inflation. The consensus view that has emerged is that backward-looking rules contribute to protecting the economy from embarking on expectations-driven fluctuations. A common characteristic of the existing studies that arrive at this conclusion is their focus on local analysis. The contribution of this Paper is to conduct a more global analysis. We find that backward-looking interest-rate feedback rules do not guarantee uniqueness of equilibrium. We present examples in which for plausible parameterizations attracting equilibrium cycles exist. The Paper also contributes to the quest for policy rules that guarantee macroeconomic stability globally. Our analysis indicates that policy rules whereby the interest rate is set as a function of the past interest rate and current inflation are likely to ensure global stability provided that the coefficient on lagged interest rates is greater than unity. |
| 主题 | International Macroeconomics
|
| 关键词 | Backward-looking taylor rules
Endogenous cycles
Sticky prices
|
| URL | https://cepr.org/publications/dp3994
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532971
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推荐引用方式
GB/T 7714 |
Peter Zemsky,Ron Adner. DP3994 Disruptive Technologies and the Emergence of Competition. 2003.
|
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