Interest-Rate Rules in a New Keynesian Framework with Investment
The last decades have witnessed major progress in both monetary policy theory and practice, with broad academic consensus on the desirability of monetary policy rules and ongoing research on their exact specification. Typically, the analysis is carried out in a New Keynesian framework with nominal r...
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| Format: | Online |
| Langue: | anglais |
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Peter Lang International Academic Publishers
2021
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| Accès en ligne: | 1002682 |
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| _version_ | 1869519512528748544 |
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| author | Pavlova, Elena |
| author_browse | Pavlova, Elena |
| author_facet | Pavlova, Elena |
| author_sort | Pavlova, Elena |
| collection | Directory of Open Access Books |
| description | The last decades have witnessed major progress in both monetary policy theory and practice, with broad academic consensus on the desirability of monetary policy rules and ongoing research on their exact specification. Typically, the analysis is carried out in a New Keynesian framework with nominal rigidities and constant capital stock. The latter represents a constraint that this study seeks to overcome by introducing a model with investment and capital adjustment costs. The work assesses different interest-rate rule specifications with respect to the target variables included, based on two criteria: determinacy of rational-expectations equilibrium and convergence to steady state after a shock. The study concludes that rules with both an inflation and an output gap target ensure a unique rational-expectations equilibrium and a less distressful adjustment of the economy after the occurrence of shocks. |
| format | Online |
| id | doab-20.500.12854ir-38113 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2021 |
| publishDateRange | 2021 |
| publishDateSort | 2021 |
| publisher | Peter Lang International Academic Publishers |
| publisherStr | Peter Lang International Academic Publishers |
| record_format | ojs |
| spelling | doab-20.500.12854ir-381132025-02-04T05:08:34Z Interest-Rate Rules in a New Keynesian Framework with Investment Pavlova, Elena Framework Inflation-targeting Interest Investment Keynesian Monetary policy Pavlova Rate rational-expectations equilibrium Rules Taylor principle with thema EDItEUR::J Society and Social Sciences::JP Politics and government thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCA Economic theory and philosophy thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCB Macroeconomics::KCBM Monetary economics The last decades have witnessed major progress in both monetary policy theory and practice, with broad academic consensus on the desirability of monetary policy rules and ongoing research on their exact specification. Typically, the analysis is carried out in a New Keynesian framework with nominal rigidities and constant capital stock. The latter represents a constraint that this study seeks to overcome by introducing a model with investment and capital adjustment costs. The work assesses different interest-rate rule specifications with respect to the target variables included, based on two criteria: determinacy of rational-expectations equilibrium and convergence to steady state after a shock. The study concludes that rules with both an inflation and an output gap target ensure a unique rational-expectations equilibrium and a less distressful adjustment of the economy after the occurrence of shocks. 2021-02-10T12:58:18Z 2019-01-10 23:55 2018-12-01 23:55:55 2019-01-10 03:00:32 2020-04-01T11:49:21Z 2012-06-26 book 1002682 OCN: 817907315 http://library.oapen.org/handle/20.500.12657/27330 9783653014440 https://directory.doabooks.org/handle/20.500.12854/38113 eng Schriften zur Wirtschaftstheorie und Wirtschaftspolitik open access image/jpeg image/jpeg image/jpeg image/jpeg image/jpeg n/a n/a n/a n/a n/a https://library.oapen.org/bitstream/20.500.12657/27330/1/1002682.pdf https://library.oapen.org/bitstream/20.500.12657/27330/1/1002682.pdf https://library.oapen.org/bitstream/20.500.12657/27330/1/1002682.pdf https://library.oapen.org/bitstream/20.500.12657/27330/1/1002682.pdf https://library.oapen.org/bitstream/20.500.12657/27330/1/1002682.pdf Peter Lang International Academic Publishers 10.3726/978-3-653-01444-0 10.3726/978-3-653-01444-0 44a712f0-ee17-4c08-a667-46effed595e7 9783653014440 162 Bern open access |
| spellingShingle | Framework Inflation-targeting Interest Investment Keynesian Monetary policy Pavlova Rate rational-expectations equilibrium Rules Taylor principle with thema EDItEUR::J Society and Social Sciences::JP Politics and government thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCA Economic theory and philosophy thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCB Macroeconomics::KCBM Monetary economics Pavlova, Elena Interest-Rate Rules in a New Keynesian Framework with Investment |
| title | Interest-Rate Rules in a New Keynesian Framework with Investment |
| title_full | Interest-Rate Rules in a New Keynesian Framework with Investment |
| title_fullStr | Interest-Rate Rules in a New Keynesian Framework with Investment |
| title_full_unstemmed | Interest-Rate Rules in a New Keynesian Framework with Investment |
| title_short | Interest-Rate Rules in a New Keynesian Framework with Investment |
| title_sort | interest rate rules in a new keynesian framework with investment |
| topic | Framework Inflation-targeting Interest Investment Keynesian Monetary policy Pavlova Rate rational-expectations equilibrium Rules Taylor principle with thema EDItEUR::J Society and Social Sciences::JP Politics and government thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCA Economic theory and philosophy thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCB Macroeconomics::KCBM Monetary economics |
| topic_facet | Framework Inflation-targeting Interest Investment Keynesian Monetary policy Pavlova Rate rational-expectations equilibrium Rules Taylor principle with thema EDItEUR::J Society and Social Sciences::JP Politics and government thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCA Economic theory and philosophy thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCB Macroeconomics::KCBM Monetary economics |
| url | 1002682 |
| work_keys_str_mv | AT pavlovaelena interestraterulesinanewkeynesianframeworkwithinvestment |