期刊名称:Discussion Papers in Economics / Department of Economics, Royal Holloway
出版年度:2004
卷号:2004
出版社:University of London
摘要:We document that monetary policy inertia can help alleviate
problems of indeterminacy and non-existence of stationary equilibrium observed for
some commonly-studied monetary policy rules. We also find that inertia promotes
learnability of equilibrium. The context is a simple, forward-looking model of the
macroeconomy widely used in the rapidly expanding literature in this area. We conclude
that this might be an important reason why central banks in the industrialized
economies display considerable inertia when adjusting monetary policy in response
to changing economic conditions.