Two Types of Discretion : Monetary Policy before 1979 and in the Greenspan Era
廣島大學經濟論叢 Volume 36 Issue 1
Page 93-102
published_at 2012-07-20
アクセス数 : 861 件
ダウンロード数 : 119 件
今月のアクセス数 : 4 件
今月のダウンロード数 : 3 件
この文献の参照には次のURLをご利用ください : https://doi.org/10.15027/33225
| File | |
| Title ( eng ) |
Two Types of Discretion : Monetary Policy before 1979 and in the Greenspan Era
|
| Creator |
Matsukawa Shigeru
Okamura Kumiko
|
| Source Title |
廣島大學經濟論叢
The Hiroshima Economic Review
|
| Volume | 36 |
| Issue | 1 |
| Start Page | 93 |
| End Page | 102 |
| Journal Identifire |
[ISSN] 0386-2704
[NCID] AN00213519
|
| Abstract |
In our neoclassical Phillips curve model, two types of discretionary equilibria can be characterized as a deflationary equilibrium and a high-inflation equilibrium and the absolute value of feedback coefficient on the lagged output gap is larger for the former. This implies that more active policy corresponding to monetary policy during the Greenspan era, brings about deflation rather than high inflation under discretion. This critical aspect contradicts the results obtained in the context of the "rule versus discretion" literature. Furthermore, the discretionary regime in the Greenspan era is unstable, and the equilibrium corresponding to the discretionary regime before 1979, is stable.
|
| NDC |
Economics [ 330 ]
|
| Language |
eng
|
| Resource Type | departmental bulletin paper |
| Publisher |
広島大学経済学会
|
| Date of Issued | 2012-07-20 |
| Rights |
Copyright (c) 2012 広島大学
|
| Publish Type | Version of Record |
| Access Rights | open access |
| Source Identifier |
[ISSN] 0386-2704
[NCID] AN00213519
|
