| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6652 |
| DP6652 Banking Permits: Economic Efficiency and Distributional Effects | |
| Carlo Carraro; Valentina Bosetti; Emanuele Massetti | |
| 发表日期 | 2008-01-18 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We consider "robust stability" of a rational expectations equilibrium, which we define as stability under discounted (constant gain) least-squares learning, for a range of gain parameters. We find that for operational forms of policy rules, i.e. rules that do not depend on contemporaneous values of endogenous aggregate variables, many interest-rate rules do not exhibit robust stability. We consider a variety of interest-rate rules, including instrument rules, optimal reaction functions under discretion or commitment, and rules that approximate optimal policy under commitment. For some reaction functions we allow for an interest-rate stabilization motive in the policy objective. The expectations-based rules proposed in Evans and Honkapohja (2003, 2006) deliver robust learning stability. In contrast, many proposed alternatives become unstable under learning even at small values of the gain parameter. |
| 主题 | International Macroeconomics |
| 关键词 | Adaptive learning Commitment Determinacy Interest-rate setting Stability |
| URL | https://cepr.org/publications/dp6652 |
| 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/535484 |
| 推荐引用方式 GB/T 7714 | Carlo Carraro,Valentina Bosetti,Emanuele Massetti. DP6652 Banking Permits: Economic Efficiency and Distributional Effects. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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