TAYLOR-TYPE RULES AND PERMANENT SHIFTS IN PRODUCTIVITY GROWTH

被引：0
|
作者：
Gavin, William T. [1 ]
Keen, Benjamin D. [2 ]
Pakko, Michael R. [1 ]
机构：
[1] Fed Reserve Bank St Louis, Res Dept, St Louis, MO 63166 USA
[2] Univ Oklahoma, Oklahoma City, OK 73104 USA
来源：
23RD EUROPEAN CONFERENCE ON MODELLING AND SIMULATION (ECMS 2009) | 2009年
关键词：
Permanent Productivity Shocks; Taylor Rule; Price Path Targeting;
D O I：
暂无
中图分类号：
TP3 [计算技术、计算机技术];
学科分类号：
0812 ;
摘要：
This paper uses simulation techniques to evaluate variants of the Taylor rule in a model where the underlying trend rate of growth is subject to permanent shifts. We show that the original Taylor rule is not particularly well-formulated for dealing with this type of environment. However, we also find that a Taylor-type rule in which the output gap is replaced by output growth or one that is augmented by an explicit policy response to deviations of the price level from a target path will look much like the optimal policy.
引用
收藏
页码：457 / 462
页数：6
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