The Taylor principle in a medium-scale macroeconomic model

We consider a medium-scale New-Keynesian model which combines features that have been shown to explain fairly well postwar U.S. business cycles. Our main result demonstrates that the determinacy properties of forward-looking interest rate rules resemble, at least qualitatively, the corresponding outcomes under current-looking rules. We explain how and why the empiri-cally relevant features of our model generate this novel result.

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Year of publication:	2013
Authors:	Sveen, Tommy ; Weinke, Lutz
Published in:	Journal of Economic Dynamics and Control. - Elsevier, ISSN 0165-1889. - Vol. 37.2013, 12, p. 3034-3043
Publisher:	Elsevier
Subject:	Nominal rigidities \| Real rigidities \| Monetary policy

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Type of publication:	Article
Classification:	E22 - Capital; Investment (including Inventories); Capacity ; E31 - Price Level; Inflation; Deflation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010719549