| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6085 |
| DP6085 The Russian-Ukrainian Political Divide | |
| Klaus F. Zimmermann; Martin Kahanec; Amelie Constant | |
| 发表日期 | 2007-02-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies many contributions to research on monetary policy in the last two decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect knowledge regarding unobservables such as potential output and equilibrium interest rates. We formulate a novel characterization of ECB-style monetary cross-checking and show that it can generate substantial stabilization benefits in the event of persistent policy misperceptions regarding potential output. |
| 主题 | International Macroeconomics |
| 关键词 | European central bank monetary policy Monetary policy under uncertainty Money Quantity theory |
| URL | https://cepr.org/publications/dp6085 |
| 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/534924 |
| 推荐引用方式 GB/T 7714 | Klaus F. Zimmermann,Martin Kahanec,Amelie Constant. DP6085 The Russian-Ukrainian Political Divide. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
