| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28881 |
| 来源ID | Working Paper 28881 |
| Determinacy without the Taylor Principle | |
| George-Marios Angeletos; Chen Lian | |
| 发表日期 | 2021-06-07 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Our understanding of monetary policy is complicated by an equilibrium-selection conundrum: because the same path for the nominal interest rate can be associated with multiple equilibrium paths for inflation and output, there is a long-standing debate about what the right equilibrium selection is. We offer a potential resolution by showing that small frictions in social memory and intertemporal coordination can remove the indeterminacy. Under our perturbations, the unique surviving equilibrium is the same as that selected by the Taylor principle, but it no more relies on it; monetary policy is left to play only a stabilization role; and fiscal policy needs to be Ricardian, even when monetary policy is passive. |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w28881 |
| 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/586555 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Chen Lian. Determinacy without the Taylor Principle. 2021. |
| 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 | ||
| w28881.pdf（435KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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