| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4122 |
| DP4122 Monetary Union with Voluntary Participation | |
| Francesco Lippi; William Fuchs | |
| 发表日期 | 2003-11-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We study the properties of alternative central bank targeting procedures within the standard New Keynesian model. We find that Poole?s famous insights concerning the output stabilization properties of money and interest-rate targeting obtain when intertemporal substitution is low, and that output volatility rankings do not induce similar welfare rankings. Unlike the popular presumption, money targeting always fares better for money demand shocks. For fiscal shocks, money targeting does better for low and worse for high degree of intertemporal substitution. The opposite pattern obtains for supply shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Poole Targeting Macroeconomic volatility Welfare |
| URL | https://cepr.org/publications/dp4122 |
| 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/533097 |
| 推荐引用方式 GB/T 7714 | Francesco Lippi,William Fuchs. DP4122 Monetary Union with Voluntary Participation. 2003. |
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