| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4209 |
| DP4209 Generational Accounting, Solidarity and Pension Losses | |
| Casper de Vries; Coen N. Teulings | |
| 发表日期 | 2004-01-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Monetary policy is sometimes formulated in terms of a target level of inflation, a fixed time horizon and a constant interest rate that is anticipated to achieve the target at the specified horizon. These requirements lead to constant interest rate (CIR) instrument rules. Using the standard New Keynesian model, it is shown that some forms of CIR policy lead to both indeterminacy of equilibria and instability under adaptive learning. Some other forms of CIR policy perform better, however. We also examine the properties of the different policy rules in the presence of inertial demand and price behaviour. |
| 主题 | International Macroeconomics |
| 关键词 | Indeterminacy Instability under learning Inflation targeting Inertia in demand Inflation inertia |
| URL | https://cepr.org/publications/dp4209 |
| 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/533177 |
| 推荐引用方式 GB/T 7714 | Casper de Vries,Coen N. Teulings. DP4209 Generational Accounting, Solidarity and Pension Losses. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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