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Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing, and Macroeconomic Instability

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NBER2003-03-01 更新2025-01-04 收录
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https://www.nber.org/papers/w9558
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The existing literature on the stabilizing properties of interest-rate feedback rules has stressed the perils of linking interest rates to forecasts of future inflation. Such rules have been found to give rise to aggregate fluctuations due to self-fulfilling expectations. In response to this concern
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2003-03-01
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