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| Author: | Collard, F. Dellas, H |
| Title: | Poole in the New Keynesian model |
| Journal: | European Economic Review
2005 : MAY VOL. 48:4, p. 887-907 |
| Index terms: | Welfare Keynesian school Central banks |
| Freeterms: | Poole Targeting |
| Language: | eng |
| Abstract: | This article explores the properties of alternative central bank targeting procedures within the standard New Keynesian model. The results show that when intertemporal substitution is low Poole's insights which concern the output stabilization properties of money and interest rate targeting obtain. Contrary to the general assumption, for money demand shocks the money targeting always fares better. As for fiscal shocks, it manages better for low and worse for high degree of intertemporal substitution. For supply shocks the pattern is opposite. |
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