| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16262 |
| DP16262 The Power of Open-Mouth Policies | |
| Vadym Lepetyuk; Serguei Maliar; John Taylor | |
| 发表日期 | 2021-06-15 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Central bank's announcements about future monetary policy make economic agents to react before the announced policy takes place. We evaluate the anticipation effects of such announcements in the context of a realistic dynamic economic model of central banking. In our experiments, we consider temporary and permanent anticipated changes in policy rules including changes in inflation target, natural rate of interest and Taylor-rule coefficients, as well as anticipated switches from inflation targeting to price-level targeting and average inflation targeting. We show that the studied nonrecurrent news shocks about future policies have sizable anticipation effects on the economy. Our methodological contribution is to develop a novel perturbation-based framework for constructing nonstationary solutions to economic models with nonrecurrent news shocks. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | News shocks Turnpike theorem Time-dependent models Nonstationary models Unbalanced growth Time-varying parameters Regime switches Monetary policies Price-level targeting Average inflation targeting |
| URL | https://cepr.org/publications/dp16262 |
| 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/545226 |
| 推荐引用方式 GB/T 7714 | Vadym Lepetyuk,Serguei Maliar,John Taylor. DP16262 The Power of Open-Mouth Policies. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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