Arbeitspapier
Trend Inflation, Taylor Principle and Indeterminacy
We show that low trend inflation strongly a¤ects the dynamics of a standard Neo-Keynesian model where monetary policy is described by a standard Taylor rule. Moreover, trend inflation enlarges the indeterminacy region in the parameter space, substantially altering the so-called Taylor principle. The main results hold for di¤erent types of Taylor rules, inertial policy rules and indexation schemes. The key message is that, whatever the set up, the literature on Taylor rules cannot disregard average inflation in both theoretical and empirical analysis.
- Sprache
-
Englisch
- Erschienen in
-
Series: Kiel Working Paper ; No. 1332
Klassifikation
Wirtschaft
Monetary Policy
Price Level; Inflation; Deflation
Monetary Policy
Price Level; Inflation; Deflation
Thema
Sticky Prices
Taylor Rules and Trend Inflation
Preisrigidität
Inflation
Taylor-Regel
New-Keynesian Phillips Curve
Theorie
Taylor Rules and Trend Inflation
Preisrigidität
Inflation
Taylor-Regel
New-Keynesian Phillips Curve
Theorie
Ereignis
Geistige Schöpfung
(wer)
Ascari, Guido
Ropele, Tiziano
Ropele, Tiziano
Ereignis
Veröffentlichung
(wer)
Kiel Institute for the World Economy (IfW)
(wo)
Kiel
(wann)
2007
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Ascari, Guido
- Ropele, Tiziano
- Kiel Institute for the World Economy (IfW)
Entstanden
- 2007
Ähnliche Objekte (12)
Trend Inflation, Taylor Principle and Indeterminacy
Trend inflation, Taylor principle and indeterminacy
Trend Inflation, Taylor Principle and Indeterminacy
The Taylor principle and (in-)determinacy in a New Keynesian model with hiring frictions and skill loss
Monetary Policy, Inflation Illusion and the Taylor Principle: An Experimental Study
Monetary Policy, Inflation Illusion and the Taylor Principle – An Experimental Study
Monetary Policy, Inflation Illusion and the Taylor Principle – An Experimental Study
Estimating regime-switching Taylor rules with trend inflation
Rules-Based Monetary Policy and the Threat of Indeterminacy When Trend Inflation is Low
When the Taylor principle isinsufficient
Generalizing the Taylor principle: Comment
Government Spending and the Taylor Principle
Trend Inflation, Taylor Principle and Indeterminacy
Trend inflation, Taylor principle and indeterminacy
Trend Inflation, Taylor Principle and Indeterminacy
The Taylor principle and (in-)determinacy in a New Keynesian model with hiring frictions and skill loss
Monetary Policy, Inflation Illusion and the Taylor Principle: An Experimental Study
Monetary Policy, Inflation Illusion and the Taylor Principle – An Experimental Study
Monetary Policy, Inflation Illusion and the Taylor Principle – An Experimental Study
Estimating regime-switching Taylor rules with trend inflation
Rules-Based Monetary Policy and the Threat of Indeterminacy When Trend Inflation is Low
When the Taylor principle isinsufficient
Generalizing the Taylor principle: Comment
Government Spending and the Taylor Principle
Trend Inflation, Taylor Principle and Indeterminacy
Trend inflation, Taylor principle and indeterminacy
Trend Inflation, Taylor Principle and Indeterminacy
The Taylor principle and (in-)determinacy in a New Keynesian model with hiring frictions and skill loss
Monetary Policy, Inflation Illusion and the Taylor Principle: An Experimental Study
Monetary Policy, Inflation Illusion and the Taylor Principle – An Experimental Study
Monetary Policy, Inflation Illusion and the Taylor Principle – An Experimental Study
Estimating regime-switching Taylor rules with trend inflation
Rules-Based Monetary Policy and the Threat of Indeterminacy When Trend Inflation is Low
When the Taylor principle isinsufficient
Generalizing the Taylor principle: Comment