| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9731 |
| DP9731 Discretion vs. Timeless Perspective under Model-consistent Stabilization Objectives | |
| Ivan Petrella; Emiliano Santoro | |
| 发表日期 | 2013-11-10 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper contributes to a recent debate about the structural and institutional conditions under which discretion may be superior to timeless perspective. We show this is unlikely when the policy maker relies on a welfare-theoretic loss function obtained as a second-order approximation of households? utility, even in the presence of features that should enhance the relative performance of discretionary policy-making in the baseline New Keynesian model. This result stands in contrast to the existing studies, whose analysis has typically relied on ad hoc welfare criteria that reflect neither households? preferences, nor the degree of rigidity in price-setting. |
| 主题 | International Macroeconomics |
| 关键词 | Discretion Loss of social welfare monetary policy Timeless perspective |
| URL | https://cepr.org/publications/dp9731 |
| 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/538567 |
| 推荐引用方式 GB/T 7714 | Ivan Petrella,Emiliano Santoro. DP9731 Discretion vs. Timeless Perspective under Model-consistent Stabilization Objectives. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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