G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4367
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
URLhttps://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.
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