无现金经济中债券交易服务利率规则的确定性

ERN: Computable General Equilibrium Models (Topic) Pub Date : 2008-10-21 DOI:10.2139/ssrn.1300353

Massimiliano Marzo, P. Zagaglia

{"title":"无现金经济中债券交易服务利率规则的确定性","authors":"Massimiliano Marzo, P. Zagaglia","doi":"10.2139/ssrn.1300353","DOIUrl":null,"url":null,"abstract":"Canzoneri and Diba (2004) show that the Taylor principle is not a panacea for equilibrium determinacy in a model where bonds and money provide liquidity services to households. We consider a cashless New Keynesian model with two types of government bonds. One bond provides transaction services, whereas the other is used only as a store of value. We show that the Taylor principle is still sacrosanct, and that the results of Leeper (1991) are confirmed.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"164 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2008-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"11","resultStr":"{\"title\":\"Determinacy of Interest Rate Rules with Bond Transaction Services in a Cashless Economy\",\"authors\":\"Massimiliano Marzo, P. Zagaglia\",\"doi\":\"10.2139/ssrn.1300353\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Canzoneri and Diba (2004) show that the Taylor principle is not a panacea for equilibrium determinacy in a model where bonds and money provide liquidity services to households. We consider a cashless New Keynesian model with two types of government bonds. One bond provides transaction services, whereas the other is used only as a store of value. We show that the Taylor principle is still sacrosanct, and that the results of Leeper (1991) are confirmed.\",\"PeriodicalId\":346619,\"journal\":{\"name\":\"ERN: Computable General Equilibrium Models (Topic)\",\"volume\":\"164 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2008-10-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"11\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Computable General Equilibrium Models (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.1300353\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Computable General Equilibrium Models (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1300353","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}

引用次数: 11

摘要

Canzoneri和Diba(2004)表明，在债券和货币为家庭提供流动性服务的模型中，泰勒原则不是均衡确定性的灵丹妙药。我们考虑一个无现金的新凯恩斯模型与两种类型的政府债券。一种债券提供交易服务，而另一种债券仅用作价值储存。我们证明了泰勒原理仍然是神圣不可侵犯的，并且证实了Leeper(1991)的结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Determinacy of Interest Rate Rules with Bond Transaction Services in a Cashless Economy

Canzoneri and Diba (2004) show that the Taylor principle is not a panacea for equilibrium determinacy in a model where bonds and money provide liquidity services to households. We consider a cashless New Keynesian model with two types of government bonds. One bond provides transaction services, whereas the other is used only as a store of value. We show that the Taylor principle is still sacrosanct, and that the results of Leeper (1991) are confirmed.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

ERN: Computable General Equilibrium Models (Topic)

自引率

0.00%

发文量