Arbeitspapier
Open mouth operations
We examine the standard New Keynesian economy's Ramsey problem written in terms of instrument settings instead of allocations. Its standard formulation makes two instruments available: the path of current and future interest rates, and an "open mouth operation" which selects one of the many equilibria consistent with the chosen interest rates. Removing the open mouth operation by imposing a finite commitment horizon yields pathological policy advice that relies on the model's forward guidance puzzle.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2018-03
- Klassifikation
-
Wirtschaft
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Monetary Policy
- Thema
-
Equilibrium Multiplicity
Monetary Policy
Geldpolitik
Neoklassische Synthese
Regelbindung versus Diskretion
Geldmengensteuerung
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Campbell, Jeffrey R.
Weber, Jacob P.
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Chicago
- (wo)
-
Chicago, IL
- (wann)
-
2018
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
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
- Campbell, Jeffrey R.
- Weber, Jacob P.
- Federal Reserve Bank of Chicago
Entstanden
- 2018
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