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

页码：457 / 462

页数：6

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