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Arbeitspapier

Trend inflation, Taylor principle and indeterminacy

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In this paper, we show that low trend inflation strongly affects the dynamics of a standard Neo-keynesian model where monetary policy is described by a standard Taylor rule. In particular, we show that trend inflation: (i) enlarges the indeterminacy region in the parameter space, substantially altering the so-called Taylor principle; (ii) changes the dynamic responses of the economy. Furthermore, we generalize the basic analysis to different types of Taylor rules, inertial policy rules and indexation schemes. The key point is that, whatever the set up, the literature on Taylor rules cannot disregard average inflation in both theoretical and empirical analysis.

Language: Englisch

Bibliographic citation: Series: Quaderni di Dipartimento - EPMQ ; No. 178

Classification

Wirtschaft
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Business Fluctuations; Cycles

Subject

Sticky Prices
Taylor Rules and Trend Inflation
Preisrigidität
Inflation
Taylor-Regel
New-Keynesian Phillips Curve
Theorie

Event

Geistige Schöpfung

(who)

Ascari, Guido
Ropele, Tiziano

Event

Veröffentlichung

(who)

Università degli Studi di Pavia, Dipartimento di Economia Politica e Metodi Quantitativi (EPMQ)

(where)

Pavia

(when)

2005

Handle: http://hdl.handle.net/10419/87134

Last update: 20.09.2024, 8:22 AM CEST

Data provider

This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.

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Object type

Arbeitspapier

Associated

Ascari, Guido
Ropele, Tiziano
Università degli Studi di Pavia, Dipartimento di Economia Politica e Metodi Quantitativi (EPMQ)

Time of origin

2005

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