| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7295 |
| DP7295 Quality sorting and trade: Firm-level evidence for French wine | |
| Thierry Mayer; Keith Head; Matthieu Crozet | |
| 发表日期 | 2009-05-10 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new data base of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and Wouters (2007) model, and the Taylor (1993a) model. Although the three models differ in terms of structure, estimation method, sample period, and data vintage, we find surprisingly similar economic impacts of unanticipated changes in the federal funds rate. However, the optimal monetary policy responses to other sources of economic fluctuations are widely different in the different models. We show that simple optimal policy rules that respond to the growth rate of output and smooth the interest rate are not robust. In contrast, policy rules with no interest rate smoothing and no response to the growth rate, as distinct from the level, of output are more robust. Robustness can be improved further by optimizing rules with respect to the average loss across the three models. |
| 主题 | International Macroeconomics |
| 关键词 | Macroeconomic models Model comparison Monetary policy rules Monetary policy shocks Optimal policy Robustness and model uncertainty |
| URL | https://cepr.org/publications/dp7295 |
| 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/536132 |
| 推荐引用方式 GB/T 7714 | Thierry Mayer,Keith Head,Matthieu Crozet. DP7295 Quality sorting and trade: Firm-level evidence for French wine. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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