| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9611 |
| DP9611 Monetary policy risk: Rules vs. discretion | |
| David Backus; Stanley E. Zin; Mikhail Chernov; Irina Zviadadze | |
| 发表日期 | 2013-08-25 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Long-run asset-pricing restrictions in a macro term-structure model identify discretionary monetary policy separately from a policy rule. We find that policy discretion is an important contributor to aggregate risk. In addition, discretionary easing coincides with good news about the macroeconomy in the form of lower inflation, higher output growth, and lower risk premiums on short-term nominal bonds. However, it also coincides with bad news about long-term financial conditions in the form of higher risk premiums on long-term nominal bonds. Shocks to the rule correlate with changes in the yield curve' s level. Shocks to discretion correlate with changes in its slope. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Forward-looking models Identification monetary policy Affine bond-pricing |
| URL | https://cepr.org/publications/dp9611 |
| 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/538446 |
| 推荐引用方式 GB/T 7714 | David Backus,Stanley E. Zin,Mikhail Chernov,et al. DP9611 Monetary policy risk: Rules vs. discretion. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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