| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13384 |
| DP13384 Continuous Time Versus Discrete Time in the New Keynesian Model: Closed-Form Solutions and Implications for Liquidity Trap | |
| Lilia Maliar | |
| 发表日期 | 2018-12-10 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Economists often use interchangeably the discrete- and continuous-time versions of the Keynesian model. In the paper, I ask whether or not the two versions effectively lead to the same implications. I analyze several alternative monetary policies, including a Taylor rule, discretionary interest rate choice and forward guidance. I show that the answer depends on a specific scenario and parameterization considered. In particular, in the presence of liquidity trap, the discrete-time analysis helps overcome some negative implications of the continuous-time model, such as excessively strong impact of price stickiness on inflation and output, unrealistically large government multipliers, as well as implausibly large effects of forward guidance. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Forward guidance Continuous time New keynesian model Zlb. liquidity trap Closed-form solution |
| URL | https://cepr.org/publications/dp13384 |
| 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/542195 |
| 推荐引用方式 GB/T 7714 | Lilia Maliar. DP13384 Continuous Time Versus Discrete Time in the New Keynesian Model: Closed-Form Solutions and Implications for Liquidity Trap. 2018. |
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