首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Bounded interest rate feedback rules in continuous-time
Institution:1. Paris School of Economics, University Paris 1, France;2. MIA, University of La Rochelle, France;3. University of Leiden, The Netherlands;1. Graduate School of Natural Science and Technology, Shimane University, Nishikawatsu-cho 1060, Matsue, 690-8504, Japan;2. Fisheries Ecosystem Project Center, Shimane University, Nishikawatsu-cho 1060, Matsue, 690-8504, Japan;3. Graduate School of Commerce, Doshisha University, Karasuma-Higashi-iru, Imadegawa-dori, Kamigyo-ku, Kyoto, 602-8580, Japan;4. Faculty of Agriculture, Iwate University, Morioka, 3-18-8 Ueda, 020-8550, Japan;5. 10-12-403, Maeda-cho, Niihama, 792-0007, Japan;1. Micro et Nanomedecines Translationnelles, MINT, UNIV Angers, UMR INSERM 1066, UMR CNRS 6021, Angers, France;2. Institut des Biomolécules Max Mousseron (IBMM), UMR 5247, CNRS, Université Montpellier, ENSCM, Montpellier, France;3. Methodology and Biostatistics Department, Delegation to Clinical Research and Innovation, Angers University Hospital, 49100 Angers, France;1. Centre Orthopédique Santy, Lyon, France;2. Hopital Privé Jean, Mermoz, Ramsay-Générale de Santé, Lyon, France;3. Centre du Rachis, Clinique du Dos, Neuilly sur Seine, France;4. Department of Neurosurgery, Gui de Chauliac Hospital Montpellier, Montpellier, France;5. Mécanismes Moléculaires dans les Démences Neurodégénératives, University of Montpellier, Montpellier, France;6. Ecole Pratique des Hautes Études, Institut National de la Santé et de la Recherche Médicale U1198, Montpellier, France;7. Service de Neurochirurgie, Clinique du Val d’Ouest, Ecully, France;8. Service de Neurochirurgie, Centre Hospitalier Universitaire de Nice, Hôpital Pasteur, Nice, France;9. Service de Neurochirurgie, Clinique de l’Union, Saint-Jean, France;1. Heidelberg Institute for Stem Cell Technology and Experimental Medicine (HI-STEM gGmbH), 69120 Heidelberg, Germany;2. Division of Stem Cells and Cancer, Deutsches Krebsforschungszentrum (DKFZ), 69120 Heidelberg, Germany
Abstract:This paper analyzes the dynamic consequences of interest rate feedback rules in a flexible-price model where money enters the utility function. Two alternative rules are considered based on past or predicted inflation rates. The main feature is to consider inflation rates that are selected over a bounded time horizon. We prove that if the Central Bank's forecast horizon is not too long, an active and forward-looking monetary policy is not destabilizing: the equilibrium trajectory is unique and monotonic. This is an advantage with respect to active and backward-looking policies that are shown to lead to a unique but fluctuating dynamic.
Keywords:Interest rate rules  Indeterminacy  Functionnal equations
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号