| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20237 |
| 来源ID | Working Paper 20237 |
| Optimal Taylor Rules in New Keynesian Models | |
| Christoph E. Boehm; Christopher L. House | |
| 发表日期 | 2014-06-19 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We analyze the optimal Taylor rule in a standard New Keynesian model. If the central bank can observe the output gap and the inflation rate without error, then it is typically optimal to respond infinitely strongly to observed deviations from the central bank's targets. If it observes inflation and the output gap with error, the central bank will temper its responses to observed deviations so as not to impart unnecessary volatility to the economy. If the Taylor rule is expressed in terms of estimated output and inflation then it is optimal to respond infinitely strongly to estimated deviations from the targets. Because filtered estimates are based on current and past observations, such Taylor rules appear to have an interest smoothing component. Under such a Taylor rule, if the central bank is behaving optimally, the estimates of inflation and the output gap should be perfectly negatively correlated. In the data, inflation and the output gap are weakly correlated, suggesting that the central bank is systematically underreacting to its estimates of inflation and the output gap. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w20237 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577910 |
| 推荐引用方式 GB/T 7714 | Christoph E. Boehm,Christopher L. House. Optimal Taylor Rules in New Keynesian Models. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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