| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w14534
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| 来源ID | Working Paper 14534
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| Inflation Determination with Taylor Rules: Is New Keynesian Analysis Critically Flawed? |
| Bennett T. McCallum
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| 发表日期 | 2008-12-05
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| 出版年 | 2008
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| 语种 | 英语
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| 摘要 | Cochrane (2007) has strongly questioned the basic economic logic of current mainstream monetary policy analysis, arguing that the standard notion --that "determinacy" of a rational expectations (RE) equilibrium suffices to imply that stable inflation behavior will be generated -- is incorrect. This is because New Keynesian (NK) models are typically consistent with the existence of RE paths with explosive inflation rates (in addition to one or more stable paths) that normally do not imply explosions in real variables relevant for transversality conditions. Consequently, the usual logic does not imply the absence of explosive inflation. That result does not, however, justify negative conclusions about NK analysis. For there is a different criterion that is logically satisfactory for the purpose at hand. This is the requirement that, to be plausible, a RE solution must satisfy the property of least-squares learnability. Adoption of this criterion, which should be attractive to analysts concerned with actual monetary policy, serves to justify in principle the bulk of current mainstream analysis. |
| 主题 | Macroeconomics
; Money and Interest Rates
; Monetary Policy
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| URL | https://www.nber.org/papers/w14534
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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/572208
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推荐引用方式
GB/T 7714 |
Bennett T. McCallum. Inflation Determination with Taylor Rules: Is New Keynesian Analysis Critically Flawed?. 2008.
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文件名：
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w14534.pdf
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格式：
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Adobe PDF
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