| 来源类型 | Working Paper
|
| 规范类型 | 报告
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| DOI | 10.3386/w11874
|
| 来源ID | Working Paper 11874
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| Generalizing the Taylor Principle |
| Troy Davig; Eric M. Leeper
|
| 发表日期 | 2005-12-19
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| 出版年 | 2005
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| 语种 | 英语
|
| 摘要 | The paper generalizes the Taylor principle---the proposition that central banks can stabilize the macroeconomy by raising their interest rate instrument more than one-for-one in response to higher inflation---to an environment in which reaction coefficients in the monetary policy rule evolve according to a Markov process. We derive a long-run Taylor principle that delivers unique bounded equilibria in two standard models. Policy can satisfy the Taylor principle in the long run, even while deviating from it substantially for brief periods or modestly for prolonged periods. Macroeconomic volatility can be higher in periods when the Taylor principle is not satisfied, not because of indeterminacy, but because monetary policy amplifies the impacts of fundamental shocks. Regime change alters the qualitative and quantitative predictions of a conventional new Keynesian model, yielding fresh interpretations of existing empirical work. |
| 主题 | Macroeconomics
; Monetary Policy
; Fiscal Policy
|
| URL | https://www.nber.org/papers/w11874
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569525
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推荐引用方式
GB/T 7714 |
Troy Davig,Eric M. Leeper. Generalizing the Taylor Principle. 2005.
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文件名：
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w11874.pdf
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格式：
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Adobe PDF
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