全球智库信息集成服务系统(G2TT): DP3751 Adjusting Labour Demand: Multinational versus National Firms- A Cross-European Analysis

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP3751
	DP3751 Adjusting Labour Demand: Multinational versus National Firms- A Cross-European Analysis
	Daniele Checchi; Giorgio Barba Navaretti; Alessandro Turrini
发表日期	2003-02-23
出版年	2003
语种	英语
摘要	This Paper characterizes endogenous monetary policy when policymakers are uncertain about the extent to which movements in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this informational limitation as the ?information problem? (IP). Main results of the Paper are: 1. Policy is likely to be excessively loose (restrictive) for some time when there is a large decrease (increase) in potential output in comparison to a full information benchmark. This provides a partial but unified explanation for the inflation of the seventies and the price stability of the nineties. 2. Errors in forecasting potential output and the output gap are generally serially correlated. 3. A quantitative assessment, based on an empirical model of the US economy developed by Rudebusch and Svensson (1999) indicates that, during and following periods of large changes in potential output, the IP significantly affects the dynamics of inflation and output. 4. The increase in the Fed?s conservativeness between the seventies and the nineties, and a more realistic appreciation of the uncertainties surrounding potential output in the second period, imply that the IP problem had a stronger impact in the seventies than in the nineties.
主题	International Macroeconomics
关键词	monetary policy Potential output Filtering inflation Output gap
URL	https://cepr.org/publications/dp3751
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/532757
推荐引用方式 GB/T 7714	Daniele Checchi,Giorgio Barba Navaretti,Alessandro Turrini. DP3751 Adjusting Labour Demand: Multinational versus National Firms- A Cross-European Analysis. 2003.