| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11523 |
| 来源ID | Working Paper 11523 |
| Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models | |
| Andrew T. Levin; Alexei Onatski; John C. Williams; Noah Williams | |
| 发表日期 | 2005-08-01 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We use a micro-founded macroeconometric modeling framework to investigate the design of monetary policy when the central bank faces uncertainty about the true structure of the economy. We apply Bayesian methods to estimate the parameters of the baseline specification using postwar U.S. data, and then determine the policy under commitment that maximizes household welfare. We find that the performance of the optimal policy is closely matched by a simple operational rule that focuses solely on stabilizing nominal wage inflation. Furthermore, this simple wage stabilization rule is remarkably robust to uncertainty about the model parameters and to various assumptions regarding the nature and incidence of the innovations. However, the characteristics of optimal policy are very sensitive to the specification of the wage contracting mechanism, thereby highlighting the importance of additional research regarding the structure of labor markets and wage determination. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w11523 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569166 |
| 推荐引用方式 GB/T 7714 | Andrew T. Levin,Alexei Onatski,John C. Williams,et al. Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11523.pdf（469KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
