Endogenous Monetary Policy Regime Change [with Comments]
Endogenous Monetary Policy Regime Change [with Comments]
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内生货币政策体制变化[附评论]
DOI：
10.1086/653984
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Jesper Lindé
中科院分区：
文献类型：
--
作者：
Troy A. Davig;Eric M. Leeper;Richard Clarida;Jesper Lindé
本文将货币政策规则（或制度）的变化视为内生的。当某些内生变量超过特定阈值时，就会触发变化。理性预期均衡的阈值切换的三个模型进行了检查，以说明（一）预期形成的影响所产生的制度变化的可能性可以是定量的重要性;（二）对称的冲击可以有不对称的影响;（三）内生切换是一个自然的方式正式模型先发制人的政策行动。在传统的校准模型中，先发制人的政策改变了代理人的预期，增强了政策抵消需求冲击的能力;这产生了数量上显著的“先发制人红利”。"
This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation effects generated by the possibility of regime change can be quantitatively important; (ii) symmetric shocks can have asymmetric effects; (iii) endogenous switching is a natural way to formally model preemptive policy actions. In a conventional calibrated model, preemptive policy shifts agents' expectations, enhancing the ability of policy to offset demand shocks; this yields a quantitatively significant "preemption dividend."