| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3877 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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