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首页> 外文期刊>Journal of Economic Dynamics and Control >Investment, interest rate policy, and equilibrium stability
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Investment, interest rate policy, and equilibrium stability

机译：投资，利率政策和均衡稳定性

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Carlstrom and Fuerst [2005. Investment and interest rate policy: a discrete time analysis. Journal of Economic Theory 123, 4-20.] show that in the presence of investment activity and price stickiness, indeterminacy of equilibrium is induced by forward-looking monetary policy that sets the interest rate in response only to future inflation. In a stochastic version of their model, we find that this indeterminacy problem is due to a cost channel of monetary policy, whereby inflation expectations become self-fulfilling, and the problem can be overcome once the forward-looking policy responds also to current output or contains sufficiently strong interest rate smoothing, since this prevents the self-fulfilling expectations. We also show that when E-stability is adopted as the selection criterion from multiple equilibria, even the forward-looking policy generates a locally unique non-explosive E-stable fundamental rational expectations equilibrium as long as the policy response to expected future inflation is sufficiently strong.
机译：Carlstrom和Fuerst [2005年。投资和利率政策：离散时间分析。经济理论杂志123，第4-20页]表明，在存在投资活动和价格粘性的情况下，前瞻性货币政策仅根据未来的通货膨胀设定利率，从而导致均衡的不确定性。在他们的模型的随机版本中，我们发现这种不确定性问题是由于货币政策的成本渠道所致，通货膨胀预期变为自我实现，并且只要前瞻性政策也对当前产出做出反应，就可以解决该问题。包含足够强的利率平滑，因为这会阻止自我实现的期望。我们还表明，当采用电子稳定性作为多重均衡的选择标准时，只要政策对预期未来通货膨胀的反应足够，即使前瞻性政策也会产生局部唯一的非爆炸性E稳定基本理性预期均衡。强大。

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