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首页> 外文期刊>Journal of Economic Dynamics and Control >Stabilizing an unstable complex economy on the limitations of simple rules
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Stabilizing an unstable complex economy on the limitations of simple rules

机译：在简单规则的限制下稳定不稳定的复杂经济

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This paper offers a systematic comparison of a wide range of leaning-against-the-wind interest-rate policy rules within a macroeconomic, stock-flow consistent, agent-based model. The model generates endogenous booms and busts along credit cycles. As feed back loops on aggregate demand affect the goods and the labor markets, the real and the financial sides of the economy are closely interconnected. The baseline scenario is able to qualitatively reproduce a wide range of stylized facts. We show that a monetary policy rule that targets the movements in the net worth of firms significantly dampens the credit cycles and reduces the employment costs of financial crises, because this indicator incorporates early signals of financial imbalances. Performances of this three-mandate Taylor rule are also more robust to the specific parameter values and regulatory framework than the standard dual-mandate Taylor rules. Nonetheless, none of the policy rules under study completely eliminates the high employment costs of financial crises. (C) 2018 Elsevier B.V. All rights reserved.
机译：本文提供了在宏观经济，存量流量一致，基于代理的模型中对各种顺风而上的利率政策规则的系统比较。该模型沿信贷周期产生内生的繁荣和萧条。由于总需求的反馈回路影响商品和劳动力市场，因此经济的实际和金融方面紧密相连。基线方案能够定性地再现各种风格化的事实。我们表明，针对公司净资产变动的货币政策规则显着抑制了信贷周期并降低了金融危机的就业成本，因为该指标包含了金融失衡的早期信号。与标准双重授权泰勒规则相比，此三授权泰勒规则对特定参数值和监管框架的性能也更强健。但是，所研究的政策规则都无法完全消除金融危机带来的高额就业成本。 （C）2018 Elsevier B.V.保留所有权利。

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