文章基本信息

标题：Interest Rate and Inflation in Monetary Models with Exogenous Money Growth Rule
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作者：Patrick Fève ; Stéphane Auray
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2002
卷号：5
出版社：Economics Bulletin
摘要：This paper assesses the joint behavior of the nominal interest rate and the expected inflation in flexible and sticky prices monetary models with exogenous money growth rule and technology shock. We then estimate the relation between the nominal interest rate and the expected inflation implied by each model. Our results first suggest that both models are able to account for the data. Beyond, they also cast doubt on the standard interpretation of the so called Taylor rule. It may not necessarily represent a money supply rule describing the behavior of the central bank, but rather describe an equilibrium relation between the nominal interest rate and the expected inflation when money supply is exogenously given.