| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4033 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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