| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5057 |
| DP5057 Does Self-Employment Reduce Unemployment? | |
| David Audretsch; A R Roy Thurik; Martin A Carree; André van Stel | |
| 发表日期 | 2005-05-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | ?Forecast targeting?, forward-looking monetary policy that uses central-bank judgment to construct optimal policy projections of the target variables and the instrument rate, may perform substantially better than monetary policy that disregards judgment and follows a given instrument rule. This is demonstrated in a few examples for two empirical models of the US economy, one forward looking and one backward looking. A complicated infinite-horizon central bank projection model of the economy can be closely approximated by a simple finite system of linear equations, which is easily solved for the optimal policy projections. Optimal policy projections corresponding to the optimal policy under commitment in a timeless perspective can easily be constructed. The whole projection path of the instrument rate is more important than the current instrument setting. The resulting reduced-form reaction function for the current instrument rate is a very complex function of all inputs in the monetary-policy decision process, including the central bank?s judgment. It cannot be summarized as a simple reaction function such as a Taylor rule. Fortunately, it need not be made explicit. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation targeting Optimal monetary policy forecasts |
| URL | https://cepr.org/publications/dp5057 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533954 |
| 推荐引用方式 GB/T 7714 | David Audretsch,A R Roy Thurik,Martin A Carree,et al. DP5057 Does Self-Employment Reduce Unemployment?. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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