| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5416 |
| DP5416 The Unsustainable US Current Account Position Revisited | |
| Kenneth Rogoff; Maurice Obstfeld | |
| 发表日期 | 2005-12-16 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper examines monetary policy implementation in a sticky price model. The central bank?s plan under discretionary optimization is entirely forward-looking and exhibits multiple equilibrium solutions if transactions frictions are not negligibly small. The central bank can then implement stable history dependent equilibrium sequences that are consistent with its plan by inertial interest rate adjustments or by money transfers. These equilibria can be associated with lower welfare losses than a forward-looking solution implemented by interest rate adjustments. The welfare gain from a history dependent implementation tends to rise with the strength of transactions frictions and the degree of price flexibility. It is further shown that the central bank?s plan can uniquely be implemented in a history dependent way by money transfers, whereas inertial interest rate adjustments cannot avoid equilibrium multiplicity. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary policy implementation Optimal discretionary policy History dependence Equilibrium indeterminacy Money growth policy |
| URL | https://cepr.org/publications/dp5416 |
| 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/534272 |
| 推荐引用方式 GB/T 7714 | Kenneth Rogoff,Maurice Obstfeld. DP5416 The Unsustainable US Current Account Position Revisited. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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