| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6820 |
| DP6820 The Economic Impact of European Integration | |
| Andrea Boltho | |
| 发表日期 | 2008-05-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We study the design of monetary policy in an estimated model with sticky prices, search and matching frictions, and staggered nominal wage bargaining. We find that the estimated natural rate of unemployment is consistent with the NBER description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is quantitatively important. We also show that parameter uncertainty has a limited effect on the performance or design of monetary policy, while natural rate uncertainty has more sizeable effects. Nevertheless, policy rules that respond to the output or unemployment gaps are more efficient than rules responding to output or unemployment growth rates, also in the presence of uncertainty about the natural rates. |
| 主题 | International Macroeconomics |
| 关键词 | Labour market search monetary policy Natural rate uncertainty Parameter uncertainty Unemployment |
| URL | https://cepr.org/publications/dp6820 |
| 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/535665 |
| 推荐引用方式 GB/T 7714 | Andrea Boltho. DP6820 The Economic Impact of European Integration. 2008. |
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