文章基本信息

标题：The Macroeconomic Performance of Monetary Policies. A Stochastic Simulation Based on the Taylor’s Rule
作者：Cristi Spulbar ; Cristian Stanciu ; Mihai Nitoi 等
期刊名称：Journal of Knowledge Management, Economics and Information Technology
印刷版ISSN：2069-5934
出版年度：2011
卷号：1
期号：6
出版社：ScientificPapers.org
摘要：In this paper we try to check if and how the macroeconomic performances induced by a Taylor’s rule based kind of monetary policy are (or not) more efficient than those effectively induced by the most important central bank’s monetary policies. In this kind of respect, we use a simple three equations model: a Phillips equation, an aggregate demand equation and a fixing rule for the main interest rate. Based on historical simulation as well as on stochastic simulation, it turns out that macroeconomic performances, in terms of inflation and productivity gap, would be more stable and efficient if the Taylor’s rule would be used by a certain central bank in fixing its main interest rate.
关键词：Central Banks ; Macroeconomic Performance ; monetary policy ; Stochastic Simulation ; Taylor’s Rule