Timing and real indeterminacy in monetary models
Timing and real indeterminacy in monetary models
复制标题
货币模型中的时间和实际不确定性
DOI：
10.1016/s0304-3932(01)00048-4
复制
发表时间：
2001
影响因子：
4.1
通讯作者：
Timothy S. Fuerst
中科院分区：
文献类型：
--
作者：
Charles T. Carlstrom;Timothy S. Fuerst
对货币政策进行理论分析的一种日益普遍的方法是，确保拟议的政策不会在模型经济中引入真正的不确定性，从而导致太阳黑子波动。政策通常是根据名义利率的指示来执行的。本文使用离散时间货币效用函数模型来演示交易环境中看似微小的变化如何导致确保真正确定性所需的政策限制的巨大差异。产生这些差异的原因是名义利率的定价方程不同。
An increasingly common approach to the theoretical analysis of monetary policy is to ensure that a proposed policy does not introduce real indeterminacy and thus sunspot fluctuations into the model economy. Policy is typically conducted in terms of directives for the nominal interest rate. This paper uses a discrete-time money-in-the-utility function model to demonstrate how seemingly minor modifications in the trading environment result in dramatic differences in the policy restrictions needed to ensure real determinacy. These differences arise because of the differing pricing equations for the nominal interest rate.