What we don't know about the monetary transmission mechanism and why we don't know it

被引：4

作者：

Beyer, Andreas ^{[2
]}

Farmer, Roger E. A. ^{[1
]}

机构：

[1] Univ Calif Los Angeles, Dept Econ, Los Angeles, CA 90095 USA

[2] European Cent Bank, Hong Kong, Hong Kong, Peoples R China

来源：

MACROECONOMIC DYNAMICS | 2008年 / 12卷

基金：

美国国家科学基金会;

关键词：

rational expectations; identification; new-Keynesian model; Benhabib-Farmer model;

D O I：

10.1017/S1365100507060440

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study identification in a class of linear rational expectations models. For any given exactly identified model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to show that a model proposed by Jess Benhabib and Roger Farmer is observationally equivalent to the standard new-Keynesian model when observed over a single policy regime. However, the two models have different implications for the design of an optimal policy rule.

引用

页码：60 / 74

页数：15

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