文章基本信息

标题：Monetary Policy in a Monetary Union: What Role for Regional Information?
本地全文：下载
作者：Paolo Angelini ; Paolo Del Giovane ; Stefano Siviero 等
期刊名称：International Journal of Central Banking
印刷版ISSN：1815-4654
出版年度：2008
卷号：2008
期号：03
出版社：IJCB Publications Fulfillment
摘要：Can the central bank of a monetary union, whose objectives are exclusively defined in terms of union-wide variables, improve its performance by reacting to regional variables rather than to union-wide variables only? Our answer is not clear-cut. We find the improvement to be large when we use a backward-looking model of the economy and negligible when we use a hybrid model. The main determinant of this finding seems to be the different degree of inertia (or its opposite, the forward-lookingness) characterizing the two models, rather than other model features.