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EnglishThis paper presents a dynamic New Keynesian macroeconomic model with real balance effects. Both the conditions of equilibrium determinacy under an interest rate rule of the Taylor-type and the implications for optimal monetary policy are considered. We find a number of results that would not appear in the traditional frame-work. It is shown that the real balance effect makes the so-called "Taylor principle" not necessary for determinacy of rational expectations equilibrium. A relatively "passive" monetary policy is found to be feasible also in the long run, but not necessarily optimal. In particular, within a class of policy rules constrained to be a linear function of state variables, an "active" optimal interest rate rule is more likely to be verified under commitment rather than under discretion.
Piergallini, A. (2004). Real balance effects, determinacy and optimal monetary policy.
| Tipologia: | Altro |
| Citazione: | Piergallini, A. (2004). Real balance effects, determinacy and optimal monetary policy. |
| Lingua: | en |
| Settore Scientifico Disciplinare: | Settore SECS-P/02 - Politica Economica |
| Data di pubblicazione: | gen-2004 |
| Titolo: | Real balance effects, determinacy and optimal monetary policy |
| Autori: | Piergallini, Alessandro |
| Autori: | |
| Appare nelle tipologie: | 99 - Altro |
File in questo prodotto:
| File | Descrizione | Tipologia | Licenza | |
|---|---|---|---|---|
| 200 definitivo per InternetAlessandro Piergallini.pdf | N/A | Open Access Visualizza/Apri |
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