研究者情報 | 神奈川大学

シナガワ　シュンスケ Shinagawa Shunsuke 品川　俊介所属神奈川大学経済学部経済学科/現代ビジネス学科神奈川大学大学院経済学研究科経済学専攻（公共政策コース）職種准教授
言語種別	英語
発行・発表の年月	2023/09
形態種別	大学・研究所等紀要
標題	Impact of Delays in Policy Implementation on Economic Stability under Sticky Prices
執筆形態	共著
掲載誌名	IERCU DiscussionPaper
掲載区分	国内
出版社・発行元	Chuo University
巻・号・頁	(391)
著者・共著者	Eiji Tsuzuki Shunsuke Shinagawa
概要	This study extends the New Keynesian model to examine the impact of delays in monetary policy implementation on economic stability. The extant literature indicates that if a central bank delays its response to the inflation rate, this policy lag may increase the number of positive roots in the model economy, implying that a time lag associated with inflation-targeting policy causes instability or eliminates indeterminacy. However, cases where a central bank considers multiple target variables but only one of them has a lag have not yet been examined. We analyze the case in which the inflation rate and output are the target variables of policy intervention, wherein a delay occurs in the central bank's response to output. We demonstrate that a policy lag may increase the number of negative roots in the dynamic system, implying that instability rather than indeterminacy may be eliminated by a policy lag.