| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4728 |
| DP4728 Two Views of Inequality Over the Life-Cycle | |
| Kjetil Storesletten; Giovanni L. Violante; Jonathan Heathcote | |
| 发表日期 | 2004-11-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary policy uncertainty helps determine the sluggish adjustment of expectations to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in US monetary policy and the Phillips curve, we find strong evidence that this link exists. These results question the standard approach for evaluating monetary rules by assuming unchanged private sector responses, help clarify the role of monetary stability in reducing output variability in the US and elsewhere, and tell a subtle and dynamic story of the interaction between monetary policy and the supply-side of the economy. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Inflation dynamics Kalman filter |
| URL | https://cepr.org/publications/dp4728 |
| 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/533646 |
| 推荐引用方式 GB/T 7714 | Kjetil Storesletten,Giovanni L. Violante,Jonathan Heathcote. DP4728 Two Views of Inequality Over the Life-Cycle. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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