| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20611 |
| 来源ID | Working Paper 20611 |
| Effective Monetary Policy Strategies in New Keynesian Models: A Re-examination | |
| Hess Chung; Edward Herbst; Michael T. Kiley | |
| 发表日期 | 2014-10-27 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We explore the importance of the nature of nominal price and wage adjustment for the design of effective monetary policy strategies, especially at the zero lower bound. Our analysis suggests that sticky-price and sticky-information models fit standard macroeconomic time series comparably well. However, the model with information rigidity responds differently to anticipated shocks and persistent zero-lower bound episodes - to a degree important for monetary policy and for understanding the effects of fundamental disturbances when monetary policy cannot adjust. These differences may be important for understanding other policy issues as well, such as fiscal multipliers. Despite these differences, many aspects of effective policy strategy are common across the two models: In particular, highly inertial interest rate rules that respond to nominal income or the price level perform well, even when hit by adverse supply shocks or large demand shocks that induce the zero-lower bound. Rules that respond to the level or change in the output gap can perform poorly under those conditions. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w20611 |
| 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/578285 |
| 推荐引用方式 GB/T 7714 | Hess Chung,Edward Herbst,Michael T. Kiley. Effective Monetary Policy Strategies in New Keynesian Models: A Re-examination. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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