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Opis

We examine an interesting puzzle in monetary economics between what monetary authorities claim (namely, to be forward looking and preemptive) and the poor stabilization properties routinely reported for forecast-based rules. Our resolution is that central banks should be viewed as following "Calvo-type" inflation-forecast-based (IFB) interest rate rules that depend on a discounted sum of current and future rates of inflation. Such rules might be regarded as both within the legal frameworks and potentially mimicking central bankers' practice. We find that Calvo-type IFB interest rate rules are, first, less prone to indeterminacy than standard rules with a finite forward horizon. Second, in difference form, the indeterminacy problem disappears altogether. Third, optimized forms have good stabilization properties as they become more forward looking, a property that sharply contrasts that of standard IFB rules. Fourth, they appear data coherent when incorporated into a well-known estimated dynamic stochastic general equilibrium (DSGE) model of the euro area.

Szczegóły książki

Kategoria Książki po angielsku Society & social sciences Politics & government

• Pełny tytuł: Inflation-Forecast-Based Rules and Indeterminacy
• Podtytuł: A Puzzle and a Resolution
• Autor: Peter McAdam
• Język: Angielski
• Oprawa: Miękka
• Liczba stron: 38
• EAN: 9781249560388
• ISBN: 9781249560388
• ID: 08140116
• Wydawca: Bibliogov
• Waga: 86 g
• Wymiary: 246 × 189 × 2 mm
• Data wydania: 01. September 2012

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