کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099669 | 1377022 | 2010 | 13 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Investment and the Taylor rule in a dynamic Keynesian model
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Investment and the Taylor rule in a dynamic Keynesian model Investment and the Taylor rule in a dynamic Keynesian model](/preview/png/5099669.png)
چکیده انگلیسی
We study monetary policy in a reduced-form dynamic model with bounded rationality and an empirically motivated investment function. Investment has important dynamic effects in our model. In particular, the cost of capital effect on investment is more important for monetary transmission than the more widely studied intertemporal substitution parameter in consumption. Furthermore, a strong Taylor rule response to unemployment in this model is more effective in stabilizing demand-induced fluctuations than a strong response to inflation. Indeed, an excessively aggressive response to inflation destabilizes the simulated output and inflation fluctuations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 34, Issue 10, October 2010, Pages 2010-2022
Journal: Journal of Economic Dynamics and Control - Volume 34, Issue 10, October 2010, Pages 2010-2022
نویسندگان
Steven M. Fazzari, Piero Ferri, Edward Greenberg,