| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3197 |
| DP3197 From Severance Pay to Self-Insurance: Effects of Severance Payments Savings Accounts in Colombia | |
| Adriana D. Kugler | |
| 发表日期 | 2002-02-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | The purpose of the present Paper is twofold. First, we characterize the Fed?s systematic response to technology shocks and its implications for US output, hours and inflation. Second we evaluate the extent to which those responses can be accounted for by a simple monetary policy rule (including the optimal one) in the context of a standard business cycle model with sticky prices. Our main results can be described as follows: First, we detect significant differences across periods in the response of the economy (as well as the Fed?s) to a technology shock. Second, the Fed?s response to a technology shock in the Volcker-Greenspan period is consistent with an optimal monetary policy rule. Third, in the pre-Volcker period the Fed?s policy tended to over stabilize output at the cost of generating excessive inflation volatility. Our evidence reinforces recent results in the literature suggesting an improvement in the Fed?s performance. |
| 主题 | International Macroeconomics |
| 关键词 | Optimal monetary policy Monetary targeting Taylor rule Fed behaviour |
| URL | https://cepr.org/publications/dp3197 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532225 |
| 推荐引用方式 GB/T 7714 | Adriana D. Kugler. DP3197 From Severance Pay to Self-Insurance: Effects of Severance Payments Savings Accounts in Colombia. 2002. |
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