| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4782 |
| DP4782 Welfare-Maximizing Operational Monetary and Tax Policy Rules | |
| Robert Kollmann | |
| 发表日期 | 2004-12-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Standard macroeconomic models suggest that the ?great ratios? of consumption to output and investment to output should be stationary. The joint behaviour of consumption, investment and output can then be used to measure trend output. We adopt this approach for the USA and UK, and find support for stationarity of the great ratios when structural breaks are taken into account. From the estimated vector error correction models, we extract multivariate estimates of the permanent component in output, and comment on trend growth in the 1980s and the New Economy boom of the 1990s. |
| 主题 | International Macroeconomics |
| 关键词 | Trend output Great ratios Structural breaks Permanent components New economy |
| URL | https://cepr.org/publications/dp4782 |
| 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/533696 |
| 推荐引用方式 GB/T 7714 | Robert Kollmann. DP4782 Welfare-Maximizing Operational Monetary and Tax Policy Rules. 2004. |
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