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


Monetary Policy,Expectations and Commitment*
Authors:George W Evans  Seppo Honkapohja
Abstract:Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest‐rate reaction functions and instrument rules have been proposed to implement or approximate commitment policy. We assess these rules in terms of whether they lead to a rational expectations equilibrium that is both locally determinate and stable under adaptive learning by private agents. A reaction function that appropriately depends explicitly on private sector expectations performs particularly well on both counts.
Keywords:Commitment  interest‐rate rule  learning  stability  determinacy  E52  E31  D84
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