| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7528 |
| DP7528 Paulson's Gift | |
| Luigi Zingales; Pietro Veronesi | |
| 发表日期 | 2009-11-01 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross-check in policy formulation (see Lucas (2007)). We show that the New-Keynesian model can explain such trends if one allows for the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that include additional robustness checks. In earlier work, we proposed an interest rate rule that is near-optimal in normal times but includes a cross-check with monetary information. In case of unusual monetary trends, interest rates are adjusted. In this paper, we show in detail how to derive the appropriate magnitude of the interest rate adjustment following a significant cross-check with monetary information, when the New-Keynesian model is the central bank's preferred model. The cross-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions. |
| 主题 | International Macroeconomics |
| 关键词 | European central bank monetary policy Money New-keynesian model Policy under uncertainty Quantity theory |
| URL | https://cepr.org/publications/dp7528 |
| 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/536364 |
| 推荐引用方式 GB/T 7714 | Luigi Zingales,Pietro Veronesi. DP7528 Paulson's Gift. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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