文章基本信息

标题：Indeterminacy with inflation-forecast-based rules in a two-bloc model
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作者：Nicoletta Batini ; Paul Levine ; Joseph G. Pearlman 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2004
出版社：European Central Bank
摘要：We examine the performance of forward-looking in°ation-forecast-based rules in open economies. In a New Keynesian two-bloc model, a methodology ¯rst employed by Batini and Pearlman (2002) is used to obtain analytically the feedback parameters/horizon pairs associated with unique and stable equi- libria. Three key ¯ndings emerge: ¯rst, indeterminacy occurs for any value of the feedback parameter on in°ation if the forecast horizon lies too far into the future. Second, the problem of indeterminacy is intrinsically more serious in the open economy. Third, the problem is compounded further in the open economy when central banks respond to expected consumer, rather than pro- ducer price in°ation
关键词：Taylor rules; in°ation-forecast-based rules; indeterminacy; open;economy