Investment and interest rate policy: a discrete time analysis

被引：66

作者：

Carlstrom, CT

Fuerst, TS ^{[1
]}

机构：

[1] Bowling Green State Univ, Dept Econ, Bowling Green, OH 43403 USA

[2] Fed Reserve Bank Cleveland, Cleveland, OH 44101 USA

来源：

JOURNAL OF ECONOMIC THEORY | 2005年 / 123卷 / 01期

关键词：

real indeterminacy; interest rate rules; monetary policy;

D O I：

10.1016/j.jet.2004.05.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper analyzes the restrictions necessary to ensure that the interest rate policy rule used by the central bank does not introduce local real indeterminacy into the economy. It conducts the analysis in a Calvo-style sticky price model. A key innovation is to add investment spending to the analysis. In this environment, local real indeterminacy is much more likely. In particular, all forward-looking interest rate rules are subject to real indeterminacy. (c) 2004 Elsevier Inc. All rights reserved.

引用

页码：4 / 20

页数：17

共 13 条

[1] The perils of Taylor rules [J].