English, Article edition: Active and Passive Monetary Policy in an Overlapping Generations Model Gerhard Sorger

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Active and Passive Monetary Policy in an Overlapping Generations Model
Author
  • Gerhard Sorger
Physical Description
  • article
Notes
  • In a standard overlapping generations model, active monetary policy reinforces mechanisms that lead to equilibrium indeterminacy and to countercyclical behavior of young-age consumption. The policy rule which minimizes inflation volatility can be active or passive, depending on the characteristics of shocks and the risk aversion of households. Inflation forecast errors are always greater under active inflation forecast targeting than under passive inflation forecast targeting or strict money growth targeting. Indeterminacy is more likely under an active forwardlooking rule than under the corresponding backward-looking rule, but backward-looking rules can render the monetary steady state unstable. (Copyright: Elsevier)
  • Monetary policy rules, indeterminacy, business cycles
  • RePEc:red:issued:v:8:y:2005:i:3:p:731-748
Language
  • English
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