Taylor rules in a limited participation model

被引：12

作者：

Christiano, LJ ^{[1
]}

Gust, CJ

机构：

[1] Northwestern Univ, Dept Econ, Evanston, IL 60208 USA

[2] Fed Reserve Board, Washington, DC USA

来源：

ECONOMIST | 1999年 / 147卷 / 04期

基金：

美国国家科学基金会;

关键词：

Taylor rule; monetary policy; non-neutrality of money;

D O I：

10.1023/A:1003850310064

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We use the limited participation model of money as a laboratory for studying the operating characteristics of Taylor rules for setting the rate of interest. Rules are evaluated according to their ability to protect the economy from bad outcomes such as the burst of inflation observed in the 1970s. Based on our analysis, we argue for a rule which: (i) raises the nominal interest rate more than one-for-one with a rise in inflation; and (ii) does not change the interest rate in response to a change in output relative to trend.

引用

页码：437 / 460

页数：24

共 23 条

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