MONETARY POLICY REGIME SWITCHES AND MACROECONOMIC DYNAMICS*
研究了货币政策体制转换对经济确定性和分配的影响，发现通胀目标转换不影响确定性，但通胀反应转换可能导致不确定性，且预期通胀反应转换会显著增加波动性。
This article considers the determinacy and distributional consequences of regime switching in monetary policy. Although switching in the inflation target does not affect determinacy, switches in the inflation response can cause indeterminacy. Satisfying the Taylor principle period by period is neither necessary nor sufficient for determinacy when inflation responses switch; indeterminacy can arise if monetary policy responds too aggressively to inflation in the active regime. Inflation target switches primarily impact the level of inflation, whereas inflation response switches primarily impact the volatility. Expecting an inflation target switch has minor effects on volatility, whereas expecting an inflation response switch raises volatility more substantially.