政治与英国货币政策

ERN: Other Political Economy: Structure & Scope of Government (Topic) Pub Date : 2020-06-20 DOI:10.1111/sjpe.12256

Fang‐Shuo Chang, Shiu‐Sheng Chen, Po-Yuan Wang

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引用次数: 2

摘要

本文考察了政治是否会导致英国偏离最优货币政策的政权转移。在使用动态随机一般均衡模型构建福利最大化政策规则和偏离最优泰勒规则后，我们表明政治在解释这些偏离方面确实发挥了重要作用。除政治因素外，失业率还解释了泰勒规则偏差中的政权转移。

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Politics and the UK's Monetary Policy

This paper examines whether politics causes regime shifts in deviations from the optimal monetary policy in the United Kingdom. After using a dynamic stochastic general equilibrium model to construct the welfare‐maximizing policy rule and deviations from the optimal Taylor rule, we show that politics does indeed play an important role in explaining these deviations. In addition to politics, unemployment rates account for regime shifts in the Taylor rule deviations.

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ERN: Other Political Economy: Structure & Scope of Government (Topic)

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