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标题：The performance and robustness of interest-rate rules in models of the euro area
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作者：Ramón Adalid ; Günter Coenen ; Peter McAdam 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：2005
出版社：European Central Bank
摘要：In this paper, we examine the performance and robustness of optimised interest-rate rules in four models of the euro area which differ considerably in terms of size, degree of aggregation, relevance of forward-looking behavioural elements and adherence to micro-foundations. Our findings are broadly consistent with results documented for models of the U.S. economy: backward-looking models require relatively more aggressive policies with at most moderate inertia; rules that are optimised for such models tend to perform reasonably well in forward-looking models, while the reverse is not necessarily true; and, hence, the operating characteristics of robust rules (i.e., rules that perform satisfactorily in all models) are heavily weighted towards those required by backward-looking models.
关键词：In this paper; we examine the performance and robustness of optimised interest-rate;rules in four models of the euro area which differ considerably in terms of size; degree;of aggregation; relevance of forward-looking behavioural elements and adherence to;micro-foundations. Our findings are broadly consistent with results documented for;models of the U.S. economy: backward-looking models require relatively more aggressive;policies with at most moderate inertia; rules that are optimised for such models;tend to perform reasonably well in forward-looking models; while the reverse is not;necessarily true; and; hence; the operating characteristics of robust rules (i.e.; rules;that perform satisfactorily in all models) are heavily weighted towards those required;by backward-looking models.