G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3877
DP3877 Trade, Wages and the Political Economy of Trade Protection: Evidence from the Colombian Trade Reforms
Pinelopi Goldberg; Nina Pavcnik
发表日期2003-04-23
出版年2003
语种英语
摘要In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices and money, and find that monetary aggregates have a potentially significant role in providing information about current real output. We then proceed to analyse the information content of money in a forward-looking model in which monetary policy is optimally determined subject to incomplete information about the true state of the economy. We show that monetary aggregates may have substantial information content in an environment with high variability of output measurement errors, low variability of money demand shocks, and a strong contemporaneous linkage between money demand and real output. As a practical matter, however, we conclude that money has fairly limited information content as an indicator of contemporaneous aggregate demand in the euro area.
主题International Macroeconomics
关键词Euro area Kalman filter Macroeconomic modelling Measurement error Monetary policy rules Rational expectations
URLhttps://cepr.org/publications/dp3877
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/532861
推荐引用方式
GB/T 7714
Pinelopi Goldberg,Nina Pavcnik. DP3877 Trade, Wages and the Political Economy of Trade Protection: Evidence from the Colombian Trade Reforms. 2003.
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