| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6086 |
| DP6086 Ethnic Self-Identification of First-Generation Immigrants | |
| Klaus F. Zimmermann; Amelie Constant; Laura Zimmermann | |
| 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. In this paper, we explore possible justifications. 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. Of course, if one allows for a direct effect of money on output or inflation as in the empirical 'two-pillar' Phillips curves estimated in some recent contributions, it would be optimal to include a measure of (long-run) money growth in the rule. 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. Such misperceptions cause a bias in policy setting. We find that cross-checking and changing interest rates in response to sustained deviations of long-run money growth helps the central bank to overcome this bias. Our argument in favour of ECB-style cross-checking does not require direct effects of money on output or inflation. |
| 主题 | International Macroeconomics |
| 关键词 | European central bank monetary policy Monetary policy under uncertainty Money Phillips curve Quantity theory |
| URL | https://cepr.org/publications/dp6086 |
| 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/534925 |
| 推荐引用方式 GB/T 7714 | Klaus F. Zimmermann,Amelie Constant,Laura Zimmermann. DP6086 Ethnic Self-Identification of First-Generation Immigrants. 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。
