Alternative Monetary Policy Rules Under Rational Expectations

本研究的目的是探讨货币经济学中两个核心和相关的主题。 首先，我们对货币政策和真实的经济活动之间的传导机制的看法如何受到假定已经到位的货币政策规则的影响？ 第二，替代性货币政策规则如何影响民营经济的行为？ 为了进行这一调查，首席研究员将使用一套最近开发的工具，这些工具可以直接在具有理性预期和前瞻性消费，投资，劳动力供应和价格制定决策的动态模型中研究替代货币政策规则。 的分析框架是一个奇异的线性差分系统下的理性预期，这个系统的理论表征和计算方法，其解决方案已开发的主要研究者在最近的合作研究。 具体的规则包括货币政策的利率和货币存量规则，特别关注这些替代规范如何影响货币政策和真实的经济之间的传导机制模型的评估。 将特别关注纯利率规则实际上可以实施的条件。 此外，该研究还将对通货膨胀目标制进行评估。

The objective of the proposed research is to explore two central and related topics in monetary economics. First, how is our view of the transmission mechanism between monetary policy and real economic activity affected by the monetary policy rule that is presumed to be in place? Second, how do alternative monetary policy rules affect the behavior of the private economy? To conduct this line of inquiry, the principal investigator will use a set of recently developed tools that make it straightforward to study alternative monetary policy rules in dynamic models with rational expectations and forward-looking consumption, investment, labor supply and price-setting decisions. The analytical framework is a singular linear difference system under rational expectations; theoretical characterization of this system and computational methods for its solution have been developed by the principal investigator in recent collaborative research. Specific rules to be studied include interest rate and money stock rules for monetary policy, with particular attention devoted to how these alternative specifications influence the evaluation of models of the transmission mechanism between monetary policy and the real economy. Particular attention will be devoted to conditions under which pure interest rate rules can actually be implemented. In addition, the research will also undertake evaluation of an inflation targeting regime.