Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/72028 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
Working Paper No. 500
Verlag: 
The Johns Hopkins University, Department of Economics, Baltimore, MD
Zusammenfassung: 
We derive necessary and suffcient conditions for simple monetary policy rules that guarantee equilibrium determinacy in the New Keynesian monetary model. Our modeling framework is derived from a fully specified optimization model that is still amenable to analytical characterisation. The monetary rules analyzed are variants of the basic Taylor rules ranging from simple inflation targeting (current, forward, backward), to the canonical Taylor rules with and without inertial nominal interest rate patterns. We establish that determinacy obtains for a wide range of policy parameters, especially when the monetary authority targets output and smoothes interest rates. Contrary to other results in the literature we do not find a case for super-inertial interest rate policy
Schlagwörter: 
Taylor Rule
Monetary Policy
Indeterminacy
New Keynesian
JEL: 
C62
E40
E52
Dokumentart: 
Working Paper

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