| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6641 |
| DP6641 Robust Learning Stability with Operational Monetary Policy Rules | |
| Seppo Honkapohja; George W. Evans | |
| 发表日期 | 2008-01-11 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt, until the time inconsistency disappears. There is a resulting welfare loss if debt is nominal rather than indexed. We also analyze the case where monetary policy is time inconsistent even when debt is indexed. In this case, with nominal debt, the sequential optimal policy converges to a time-consistent steady state with positive -- or negative -- debt, depending on the value of the intertemporal elasticity of substitution. Welfare can be higher if debt is nominal rather than indexed and the level of debt is not too high. |
| 主题 | International Macroeconomics |
| 关键词 | Indexed debt Markov-perfect equilibrium Nominal debt Optimal monetary policy Time consistency |
| URL | https://cepr.org/publications/dp6641 |
| 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/535475 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,George W. Evans. DP6641 Robust Learning Stability with Operational Monetary Policy Rules. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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