| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4367 |
| DP4367 Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations | |
| Kjell Nyborg; Ilya Strebulaev; Ulrich Bindseil | |
| 发表日期 | 2004-04-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We introduce rule-of-thumb consumers in an otherwise standard dynamic sticky price model, and show how their presence can change dramatically the properties of widely used interest rate rules. In particular, the existence of a unique equilibrium is no longer guaranteed by an interest rate rule that satisfies the so-called Taylor principle. Our findings call for caution when using estimates of interest rate rules in order to assess the merits of monetary policy in specific historical periods. |
| 主题 | International Macroeconomics |
| 关键词 | Taylor principle Interest rate rules Sticky prices Rule-of-thumb consumers |
| URL | https://cepr.org/publications/dp4367 |
| 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/533319 |
| 推荐引用方式 GB/T 7714 | Kjell Nyborg,Ilya Strebulaev,Ulrich Bindseil. DP4367 Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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