Introduction to monetary policy and capital accumulation

• 成果类型: Editorial Material
• 署名作者: Benhabib, J; Carlstrom, CT; Fuerst, TS
• 署名单位: New York University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University System of Ohio; Bowling Green State University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2005.02.004
• 发表日期: 2005
• 页码: 1-3
• 关键词: Taylor rules; multiple equilibria; indeterminacy; capital accumulation

摘要

The papers in this symposium address the issue of multiple equilibria that can be induced by monetary policy in models with capital accumulation. In particular they examine how the Taylor Principle, under which interest rates respond more than proportionately to increases in inflation, can generate multiple equilibria. They also explore the design of policies to avoid the problem of multiple equilibria and indeterminacy. (c) 2005 Elsevier Inc. All rights reserved.