Monetary Policy Rules and Business Cycles
在包含名义刚性的动态随机一般均衡模型中，比较外生与内生货币政策规则对经济周期特征的影响，发现两者差异不亚于引入名义刚性本身，表明内生货币政策规则对货币经济周期研究至关重要。
Abstract Basic features of business cycle properties under both exogenous and endogenous monetary policy rules are examined in calibrated dynamic stochastic general equilibrium models with nominal rigidities (the nominal wage contract model, the monopolistic competition model with price adjustment costs and a combination of these models). The experiments show that the difference in business cycle features under exogenous and endogenous monetary policy rules is as large as the change generated by introducing nominal rigidities (and monetary disturbances). This result suggests that, for monetary business cycle research, developing a proper way to incorporate endogenous monetary policy rules may be as important as developing new transmission mechanisms of monetary policy disturbances.