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| Author: | Kim, S. |
| Title: | Monetary policy rules and business cycles |
| Journal: | Scandinavian Journal of Economics
2003 : VOL. 105:2, p. 221-245 |
| Index terms: | Business cycles Equilibrium analysis Monetary policy |
| Language: | eng |
| Abstract: | This article examines basic features of business cycle properties under both exogenous and endogenous monetary policy rules in calibrated dynamic stochastic general equilibrium models with nominal rigidities (the nominal wage contract model, the monopolistic competition model ith price adjustment costs and a combination of these models). It is shown that the difference in business cycle features under exogenous and endogenous monetary policy rules is as large as the change generated by introducing nominal rigidities (and monetary disturbances). |
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