A reputation strategic model of monetary policy in continuous-time

doi:10.1016/j.jmacro.2008.12.003

CORC > 上海财经大学 > 上海财经大学

	A reputation strategic model of monetary policy in continuous-time
	Li, Jingyuan 2; Liu, Yongming 3; Tian, Guoqiang 1,4
刊名	JOURNAL OF MACROECONOMICS
	2009-12
卷号	31 期号:4 页码:523-533
关键词	Monetary policy Time consistency problem Reputation Continuous model
ISSN号	0164-0704
DOI	10.1016/j.jmacro.2008.12.003
英文摘要	This paper develops a reputation strategic model of monetary policy with a continuous finite or infinite time horizon. By using the optimal stopping theory and introducing the notions of sequentially weak and strong rational expectation equilibria, we show that the time inconsistency problem may be solved with trigger reputation strategies not only for stochastic but also for non-stochastic settings even with a finite horizon. We show the existence of stationary sequentially strong rational expectation equilibrium under some condition, and there always exists a stationary sequentially weak rational expectation equilibrium. Moreover, we investigate the robustness of the sequentially strong rational expectation equilibrium behavior solution by showing that the imposed assumption is reasonable. (C) 2008 Elsevier Inc. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000272262600002
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/2440]
专题	上海财经大学
通讯作者	Tian, Guoqiang
作者单位	1.Texas A&M Univ, Dept Econ, College Stn, TX 77843 USA; 2.Huazhong Univ Sci & Technol, Sch Management, Wuhan 400732, Hubei, Peoples R China; 3.Shanghai Univ Finance & Econ, Sch Finance, Shanghai 200433, Peoples R China; 4.Shanghai Univ Finance & Econ, Sch Econ, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Li, Jingyuan,Liu, Yongming,Tian, Guoqiang. A reputation strategic model of monetary policy in continuous-time[J]. JOURNAL OF MACROECONOMICS,2009,31(4):523-533.
APA	Li, Jingyuan,Liu, Yongming,&Tian, Guoqiang.(2009).A reputation strategic model of monetary policy in continuous-time.JOURNAL OF MACROECONOMICS,31(4),523-533.
MLA	Li, Jingyuan,et al."A reputation strategic model of monetary policy in continuous-time".JOURNAL OF MACROECONOMICS 31.4(2009):523-533.