Trend Inflation, Taylor Principle and Indeterminacy

dc.creator	Ascari, Guido
dc.creator	Ropele, Tiziano
dc.date	2007
dc.date.accessioned	2013-10-16T06:57:04Z
dc.date.available	2013-10-16T06:57:04Z
dc.date.issued	2013-10-16
dc.identifier	http://hdl.handle.net/10419/17848
dc.identifier	ppn:534868738
dc.identifier.uri	http://koha.mediu.edu.my:8181/xmlui/handle/10419/17848
dc.description	We show that low trend ination strongly a¤ects the dynamics of a standard Neo-Keynesian model where monetary policy is described by a standard Taylor rule. Moreover, trend ination enlarges the indeterminacy region in the parameter space, substantially altering the so-called Taylor principle. The main results hold for di¤erent types of Taylor rules, inertial policy rules and indexation schemes. The key message is that, whatever the set up, the literature on Taylor rules cannot disregard average ination in both theoretical and empirical analysis.
dc.language	eng
dc.publisher	Kiel Institute for the World Economy (IfW) Kiel
dc.relation	Kieler Arbeitspapiere 1332
dc.rights	http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject	E52
dc.subject	E31
dc.subject	ddc:330
dc.subject	Sticky Prices
dc.subject	Taylor Rules and Trend Inflation
dc.subject	Preisrigidität
dc.subject	Inflation
dc.subject	Taylor-Regel
dc.subject	New-Keynesian Phillips Curve
dc.subject	Theorie
dc.title	Trend Inflation, Taylor Principle and Indeterminacy
dc.type	doc-type:workingPaper

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