| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6575 |
| DP6575 Team Governance: Empowerment or Hierarchical Control | |
| Guido Friebel; Wendelin Schnedler | |
| 发表日期 | 2007-11-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | The inertia found in econometric estimates of interest rate rules is a continuing puzzle. Many reasons for it have been offered, though unsatisfactorily, and the issue remains open. In the empirical literature on interest rate rules, inertia in setting interest rates is typically modelled by specifying a Taylor rule with the lagged policy rate on the right hand side. We argue that inertia in the policy rule may simply reflect the inertia in the economy itself, since optimal rules typically inherit the inertia present in the model of the economy. Our hypothesis receives some support from US data. Hence we agree with Rudebusch (2002) that monetary inertia is, at least partly, an illusion, but for different reasons. |
| 主题 | International Macroeconomics |
| 关键词 | Interest rate rules Interest rate smoothing monetary policy Monetary policy inertia Predictability of interest rates Taylor rule Term structure Expectations hypothesis |
| URL | https://cepr.org/publications/dp6575 |
| 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/535414 |
| 推荐引用方式 GB/T 7714 | Guido Friebel,Wendelin Schnedler. DP6575 Team Governance: Empowerment or Hierarchical Control. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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