| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15184 |
| DP15184 Monetary Policy when the Phillips Curve is Locally Quite Flat | |
| Paul Beaudry; Chenyu Hou; Franck Portier | |
| 发表日期 | 2020-08-19 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This papers begins by highlighting how the presence of a cost channel of monetary policy can offer new insights into the behavior of inflation when the Phillips curve is locally quite flat. For instance, we highlight a key condition whereby lax monetary policy can push the economy in a low inflation trap and we discuss how, under the same condition, standard policy rules for targeting inflation may need to be modified. In the second part of the paper we explore the empirical relevance of the conditions that give rise to these observations using US data. To this end, we present both (i) a wide set of estimates derived from single-equation estimation of the Phillips curve and (ii) estimates based on structural estimation of a full model. The results from both sets of empirical exercises strongly support the key condition we derived. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | monetary policy inflation Interest rates |
| URL | https://cepr.org/publications/dp15184 |
| 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/544154 |
| 推荐引用方式 GB/T 7714 | Paul Beaudry,Chenyu Hou,Franck Portier. DP15184 Monetary Policy when the Phillips Curve is Locally Quite Flat. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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