Departmental Bulletin Paper 名目利子率の非負制約と金融政策の動学理論 ―「ニューケインジアン」対「オールドケインジアン」―

浅田 統一郎

(第46号)  , pp.591 - 634 , 2015-09-30
 In this paper, we compare two dynamic theories of monetary policy with nonnegative constraint of nominal interest rate. The first approach is the mainstream nonlinear ‘New Keynesian’ (NK) dynamic model, and the second approach is the alternative nonlinear ‘Old Keynesian’ (OK) dynamic model. Both models are formulated by means of nonlinear twodimensional differential equations. We show that the nonlinear NK dynamic model produces several anomalous results that are inconsistent with the empirical facts, while the nonlinear OK dynamic model is able to resolve such anomalies.

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