| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5614 |
| DP5614 Simulating Stock Returns Under Switching Regimes - A New Test of Market Efficiency | |
| Patrick Minford; David Peel; David Meenagh | |
| 发表日期 | 2006-04-04 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Macro models generally assume away heterogeneous welfare in assessing policies. We investigate here within two aggregative models - one with a representative agent, the other a long-used forecasting model of the UK - whether allowing for differences in welfare functions (specifically between those in continuous employment and those with frequent unemployment spells) alters the rankings of monetary policies. We find that it does but that a set of policies (money supply targeting implemented by money supply control) can be found that are robust in the sense of avoiding very poor outcomes for either of the two groups. |
| 主题 | International Macroeconomics |
| 关键词 | Robustness Heterogenous welfare Money supply rules Interest rate setting Price level targeting |
| URL | https://cepr.org/publications/dp5614 |
| 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/534464 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,David Peel,David Meenagh. DP5614 Simulating Stock Returns Under Switching Regimes - A New Test of Market Efficiency. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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