| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w26791
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| 来源ID | Working Paper 26791
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| 21st Century Macro |
| Narayana R. Kocherlakota
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| 发表日期 | 2020-03-02
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | In the 21st century, many key macroeconomic variables in the developed world have been persistently low, including inflation, output, growth, interest rates (both real and nominal), and labor share. I consider a class of standard representative agent rational expectations models in which fundamentals are deterministic and constant over time. I show that for any level of nominal frictions (no matter how small) and for any monetary policy rule (regardless of how active), there is a large set of stochastic equilibria that exhibit permanently low inflation, low output, low labor share, and low nominal interest rates. If the Phillips curve is sufficiently flat, then these equilibria also exhibit low growth and real interest rates. |
| 主题 | Macroeconomics
; Macroeconomic Models
; Business Cycles
; Monetary Policy
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| URL | https://www.nber.org/papers/w26791
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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/584465
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推荐引用方式
GB/T 7714 |
Narayana R. Kocherlakota. 21st Century Macro. 2020.
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文件名：
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w26791.pdf
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格式：
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Adobe PDF
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