| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9857 |
| DP9857 Targeting Nominal GDP or Prices: Guidance and Expectation Dynamics | |
| Seppo Honkapohja; Kaushik Mitra | |
| 发表日期 | 2014-03-02 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We examine global dynamics under infinite-horizon learning in New Keynesian models where monetary policy practices either price-level or nominal GDP targeting and compare these regimes to inflation targeting. These interest-rate rules are subject to the zero lower bound. Robustness of the three rules in learning adjustment are compared using criteria for the domain of attraction of the targeted steady state, volatility of inflation and output and sensitivity to the speed of learning parameter. Performance of price-level and nominal GDP targeting significantly improves if the additional guidance in these regimes is incorporated in private agents' learning. |
| 主题 | International Macroeconomics |
| 关键词 | Adaptive learning Inflation targeting monetary policy Zero interest rate lower bound |
| URL | https://cepr.org/publications/dp9857 |
| 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/538691 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,Kaushik Mitra. DP9857 Targeting Nominal GDP or Prices: Guidance and Expectation Dynamics. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
