全球智库信息集成服务系统(G2TT): Endogenous Monetary Policy Regime Change

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w12405
来源ID	Working Paper 12405
	Endogenous Monetary Policy Regime Change
	Troy Davig; Eric M. Leeper
发表日期	2006-08-07
出版年	2006
语种	英语
摘要	This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation effects generated by the possibility of regime change can be quantitatively important; (ii) symmetric shocks can have asymmetric effects; (iii) endogenous switching is a natural way to formally model preemptive policy actions. In a conventional calibrated model, preemptive policy shifts agents' expectations, enhancing the ability of policy to offset demand shocks; this yields a quantitatively significant "preemption dividend."
主题	Macroeconomics ; Business Cycles ; Monetary Policy
URL	https://www.nber.org/papers/w12405
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/570062
推荐引用方式 GB/T 7714	Troy Davig,Eric M. Leeper. Endogenous Monetary Policy Regime Change. 2006.