G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w20611
来源IDWorking 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
URLhttps://www.nber.org/papers/w20611
来源智库National Bureau of Economic Research (United States)
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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.
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