| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8912 |
| 来源ID | Working Paper 8912 |
| Expectation Traps and Monetary Policy | |
| Stefania Albanesi; V.V. Chari; Lawrence J. Christiano | |
| 发表日期 | 2002-04-25 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Why is it that inflation is persistently high in some periods and persistently low in other periods? We argue that lack of commitment in monetary policy may bear a large part of the blame. We show that, in a standard equilibrium model, absence of commitment leads to multiple equilibria, or expectation traps. In these traps, expectations of high or low inflation lead the public to take defensive actions which then make it optimal for the monetary authority to validate those expectations. We find support in cross-country evidence for key implications of the model. |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w8912 |
| 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/566520 |
| 推荐引用方式 GB/T 7714 | Stefania Albanesi,V.V. Chari,Lawrence J. Christiano. Expectation Traps and Monetary Policy. 2002. |
| 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 | ||
| w8912.pdf（528KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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