دانلود مقاله ISI انگلیسی شماره 91935
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
91935 2018 29 صفحه PDF سفارش دهید 20803 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Stabilizing an unstable complex economy on the limitations of simple rules
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Economic Dynamics and Control, Available online 14 March 2018

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پیش نمایش مقاله

چکیده انگلیسی

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 feedback 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.

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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.