G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4033
DP4033 Panel Index VAR Models: Specification, Estimation, Testing and Leading Indicators
Fabio Canova; Matteo Ciccarelli
发表日期2003-08-23
出版年2003
语种英语
摘要We review the recent work on interest rate setting, which emphasizes the desirability of designing policy to ensure stability under learning. Appropriately designed expectations-based rules can yield optimal rational expectations equilibria that are both determinate and stable under learning. Some simple instrument rules and approximate targeting rules also have these desirable properties. We discuss various complications in implementing optimal policy, including the observability of key variables and the required knowledge of structural parameters. An additional issue that we take up concerns the implications of expectation shocks not arising from transitional learning effects.
主题International Macroeconomics
关键词Commitment Interest rate setting Adaptive learning Stability Determinacy Expectations shocks
URLhttps://cepr.org/publications/dp4033
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/533009
推荐引用方式
GB/T 7714
Fabio Canova,Matteo Ciccarelli. DP4033 Panel Index VAR Models: Specification, Estimation, Testing and Leading Indicators. 2003.
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