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  • 标题:The Performance and Robustness of Interest-Rate Rules in Models of the Euro Area
  • 本地全文:下载
  • 作者:Ramón Adalid ; Günter Coenen ; Peter McAdam (European Central Bank)
  • 期刊名称:International Journal of Central Banking
  • 印刷版ISSN:1815-4654
  • 出版年度:2005
  • 卷号:2005
  • 期号:may
  • 出版社:IJCB Publications Fulfillment
  • 摘要:

    In this paper, we examine the performance and robustness of optimized interest-rate rules in four models of the euro area that differ considerably in terms of size, degree of aggregation, relevance of forward-looking behavioral elements, and adherence to microfoundations. Our findings are broadly consistent with results documented for models of the U.S. economy: backward-looking models require relatively more aggressive policies with, at most, moderate inertia; rules that are optimized for such models tend to perform reasonably well in forward-looking models, while the reverse is not necessarily true; and, hence, the operating characteristics of robust rules (i.e., rules that perform satisfactorily in all models) are heavily weighted towards those required by backward-looking models.

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