Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212079 
Autor:innen: 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 21/2007
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We embed an expectations-based optimal policy rule into a DSGE model for a small open economy that is augmented with trend extrapolation or chartism, which is a form of technical trading, in currency trade to examine the prerequisites for monetary policy. We find that a unique REE that is least-squares learnable is often the outcome when there is a limited amount of trend extrapolation, but that a less flexible inflation rate targeting may cause a multiplicity of REE. We also compute impulse-response functions for key macroeconomic variables to study how the economy returns to steady state after being hit by a shock.
Schlagwörter: 
determinacy
DSGE model
least-squares learning
targeting rule
technical trading
monetary policy
JEL: 
C62
E52
F31
F41
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-391-9
Dokumentart: 
Working Paper

Datei(en):
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