| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6952 |
| DP6952 Quality Competition Versus Price Competition Goods: An Empirical Classification | |
| Richard Baldwin; Tadashi Ito | |
| 发表日期 | 2008-09-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Research with Keynesian-style models has emphasized the importance of the output gap for policies aimed at controlling inflation while declaring monetary aggregates largely irrelevant. Critics, however, have argued that these models need to be modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross-check for monetary policy. We identify an important source of monetary trends in form of persistent central bank misperceptions regarding potential output. Simulations with historical output gap estimates indicate that such misperceptions may induce persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation control is improved substantially. |
| 主题 | International Macroeconomics |
| 关键词 | Taylor rules Money Quantity theory Output gap uncertainty Monetary policy under uncertainty |
| URL | https://cepr.org/publications/dp6952 |
| 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/535789 |
| 推荐引用方式 GB/T 7714 | Richard Baldwin,Tadashi Ito. DP6952 Quality Competition Versus Price Competition Goods: An Empirical Classification. 2008. |
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