非线性泰勒规则的形成机理研究

从菲利普斯曲线非线性和央行损失函数非对称性两个视角论证了非线性泰勒规则的形成机理,数理证明结论显示:无论菲利普斯曲线是上凸还是下凹,都意味着通货膨胀对产出缺口的反应是非对称的,都会导致泰勒规则的非线性;央行损失函数的非对称性是导致泰勒规则非线性的另一个原因.当存在扩张谨慎需求时,利率曲线是下凹的;当存在价格平稳谨慎需求...

Studies on Formation Mechanism of the Nonlinear Taylor Rule

This paper demonstrated the formation mechanism of nonlinear Taylor rule from both the nonlinear Phillips curve and the central bank asymmetric loss function.Mathematical proof has concluded that： Whether the Phillips curve is convex or concave,it means the response of inflation on output gap is non-symmetrical,which will lead to Taylor rule nonlinear;The central bank asymmetric loss function is another reason that led to Taylor rule nonlinear.When there is expansion care demand,interest rate curve is concave;When there is price stability care demand,the interest rate curve is convex;When the two kinds of care demand exist,the interest rate curve concave depends on which demand is dominant,When prices stable care demand is dominant,the interest rate curve is convex,When expansion care demand is dominant,the interest rate curve is concave.