全球智库信息集成服务系统(G2TT): Reply to \"Generalizing the Taylor Principle: A Comment\"

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14919
来源ID	Working Paper 14919
	Reply to \"Generalizing the Taylor Principle: A Comment\"
	Troy Davig; Eric M. Leeper
发表日期	2009-04-23
出版年	2009
语种	英语
摘要	Farmer, Waggoner, and Zha (2009) show that a new Keynesian model with a regime-switching monetary policy rule can support multiple solutions that depend only on the fundamental shocks in the model. Their note appears to find solutions in regions of the parameter space where there should be no bounded solutions, according to conditions in Davig and Leeper (2007). This puzzling finding is straightforward to explain: Farmer, Waggoner, and Zha (FWZ) derive solutions using a model that differs from the one to which the Davig and Leeper (DL) conditions apply. FWZ's multiple solutions rely on special assumptions about the correlation structure between fundamental shocks and policy regimes, blurring the distinction between "deep" parameters that govern behavior and the parameters that govern the exogenous shock processes, and making it difficult to ascribe any economic interpretation to FWZ's solutions.
主题	Microeconomics ; Mathematical Tools ; Macroeconomics ; Business Cycles ; Monetary Policy
URL	https://www.nber.org/papers/w14919
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/572595
推荐引用方式 GB/T 7714	Troy Davig,Eric M. Leeper. Reply to \"Generalizing the Taylor Principle: A Comment\". 2009.

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
w14919.pdf（122KB）	智库出版物		限制开放	CC BY-NC-SA	浏览