| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7353 |
| DP7353 Inequality and Unemployment in a Global Economy | |
| Elhanan Helpman; Stephen Redding; Oleg Itskhoki | |
| 发表日期 | 2009-07-12 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Empirical estimates of monetary policy reaction functions feature a very high estimated degree of monetary policy inertia. This evidence is very hard to reconcile with the alternative evidence of low predictability of monetary policy rates. In this paper we examine the potential relevance of the problem of weak instruments to correctly identify the degree of monetary policy inertia in forward looking monetary policy reaction function of the type originally proposed by Taylor (1993). After appropriately diagnosing and taking care of the weak instruments problem, we find an estimated degree of policy inertia which is significantly lower than the common value in the empirical literature on monetary policy rules. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary policy rulkes Weak identification |
| URL | https://cepr.org/publications/dp7353 |
| 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/536196 |
| 推荐引用方式 GB/T 7714 | Elhanan Helpman,Stephen Redding,Oleg Itskhoki. DP7353 Inequality and Unemployment in a Global Economy. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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