| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12965 |
| 来源ID | Working Paper 12965 |
| Understanding the New-Keynesian Model when Monetary Policy Switches Regimes | |
| Roger E.A. Farmer; Daniel F. Waggoner; Tao Zha | |
| 发表日期 | 2007-03-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper studies a New-Keynesian model in which monetary policy may switch between regimes. We derive sufficient conditions for indeterminacy that are easy to implement and we show that the necessary and sufficient condition for determinacy, provided by Davig and Leeper, is necessary but not sufficient. More importantly, we use a two-regime model to show that indeterminacy in a passive regime may spill over to an active regime, no matter how active the latter regime is. As a result, a passive monetary policy is more damaging than has been previously thought. Our results imply that the propagation of shocks in an active regime, such as that of the Federal Reserve in the post-1982 period, may be substantially affected by the possibility of a return to a passive regime of the kind that was followed in the 1960s and 1970s. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w12965 |
| 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/570631 |
| 推荐引用方式 GB/T 7714 | Roger E.A. Farmer,Daniel F. Waggoner,Tao Zha. Understanding the New-Keynesian Model when Monetary Policy Switches Regimes. 2007. |
| 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 | ||
| w12965.pdf（370KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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