| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4060 |
| DP4060 International Good Market Segmentation and Financial Market Structure | |
| Suleyman Basak; Benjamin Croitoru | |
| 发表日期 | 2003-09-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper explores the quantitative implications of an approach to monetary policy that gained prominence in the United States during the 1990s. Proponents of this approach recommend that, when inflation is moderate but still above the long-run objective, the central bank should not move immediately to fight inflation, but rather wait for exogenous circumstances ? such as favourable supply shocks and unforeseen recessions ? to deliver the desired reduction in inflation. While waiting for such circumstances the central bank should counteract any incipient increases in inflation. This approach has come to be known as ?the opportunistic approach to disinflation?. The implied policy rule is non-linear and path-dependent. This Paper compares the behaviour of inflation and output under opportunistic and conventional linear policy. Using stochastic simulations of a small-scale rational expectations model, we study the cost and time required to achieve a given disinflation, as well as the stochastic steady-state distributions of inflation and output under opportunistic versus linear policy rules. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation targeting monetary policy Interest rates Policy rules Disinflation |
| URL | https://cepr.org/publications/dp4060 |
| 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/533036 |
| 推荐引用方式 GB/T 7714 | Suleyman Basak,Benjamin Croitoru. DP4060 International Good Market Segmentation and Financial Market Structure. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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