Inflation and output in New Keynesian models with a transient interest rate peg

被引：76

作者：

Carlstrom, Charles T. ^{[1
]}

Fuerst, Timothy S. ^{[1
,2
]}

Paustian, Matthias ^{[3
]}

机构：

[1] Fed Reserve Bank Cleveland, Cleveland, OH 44101 USA

[2] Univ Notre Dame, Dept Econ, Notre Dame, IN 46556 USA

[3] Board Governors, Div Res & Stat, Washington, DC USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2015年 / 76卷

关键词：

Fixed interest rate; Dynamic New Keynesian model; Forward guidance puzzles; POLICY;

D O I：

10.1016/j.jmoneco.2015.09.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A familiar result in the canonical Dynamic New Keynesian (DNK) model is that policy-makers constrained by the zero bound can improve outcomes by promising to keep rates low after the zero bound is not binding. We examine a general class of interest rate pegs in a variety of DNK models. Standard versions of the model produce counterintuitive reversals where the effect of the interest rate peg can switch from highly expansionary to highly contractionary for modest changes in the length of the interest rate peg. This unusual behavior does not arise in sticky information models of the Phillips curve. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：230 / 243

页数：14

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