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Monetary Policy without the Taylor Principle
We show that a vanishingly small friction in intertemporal co-ordination results in a unique bounded equilibrium in the New Keynesian model. This is the equilibrium customarily used to guide monetary policy, also known as the minimum-state-variable solution. But it does not rely on the Taylor Principle or any other off-equilibrium policy threat, and is therefore also immune to the Fiscal Theory of the Price Level. This liberates policy analysis from a thorny equilibrium selection issue.
Please sign up for meetings here: docs.google.com/spreadsheets/d/1oFAnK-yvsv3jPAmaKUUeVdv-mw-3sJpQQnmoC0qLRa8/edit#gid=0
Date:
4 May 2021, 13:00
Venue:
Held on Zoom
Speaker:
George-Marios Angeletos (Massachusetts Institute of Technology)
Organising department:
Department of Economics
Part of:
Macroeconomics Seminar
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Melis Clark
