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Tekijä: | Söderström, U. Söderlind, P. Vredin, A. |
Otsikko: | New-Keynesian models and monetary policy: a re-examination of the stylized facts |
Lehti: | Scandinavian Journal of Economics
2005 : VOL. 107:3, p. 521-546 |
Asiasana: | interest rates central banks |
Kieli: | eng |
Tiivistelmä: | The objective of this article is to analyse whether a model where the central bank is assumed to solve a well-defined optimization problem and where private sector behaviour has New-Keynesian features can be calibrated to match the broad characteristics of U.S. data. Findings show a small concern for output stability but a large preference for interest rate smoothing, and a small degree of forward-looking behaviour in price-setting but a large degree of forward-looking in the determination of output. |
SCIMA