| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7915 |
| 来源ID | Working Paper 7915 |
| Timeless Perspectives vs. Discretionary Monetary Policy In Forward-Looking Models | |
| Bennett T. McCallum; Edward Nelson | |
| 发表日期 | 2000-09-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper reviews the distinction between the timeless perspective and discretionary modes of monetary policymaking, the former representing rule-based policy as recently formalized by Woodford (1999b). In models with forward-looking expectations, this distinction is greater than in the models that have been typical in the rules-vs.-discretion literature; typically there is a second inefficiency from discretionary policymaking, distinct from the familiar inflationary bias. The paper presents calculations of the quantitative magnitude of this second inefficiency, using calibrated models of two types prominent in the current literature. In addition, it examines the distinction between instrument rules and targeting rules; the results indicate that targeting-rule outcomes can be very closely approximated by instrument rules. Also included is a brief investigation of operationality issues, involving the unobservability of current output and the possibility that an incorrect concept of the natural-rate level of output, essential in measuring the output gap, is used by the policymaker. In all of the cases examined, the unconditional average performance of timeless perspective policymaking is at least as good as that provided by optimal discretionary behavior. |
| 主题 | Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w7915 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565500 |
| 推荐引用方式 GB/T 7714 | Bennett T. McCallum,Edward Nelson. Timeless Perspectives vs. Discretionary Monetary Policy In Forward-Looking Models. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7915.pdf（179KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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