haku: @indexterm history of economic thought / yhteensä: 28
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| Tekijä: | Kreiner, C. T. |
| Otsikko: | Do the new Keynesian microfoundations rationalise stabilisation policy? |
| Lehti: | Economic Journal
2002 : VOL. 112:479, p. 384-401 |
| Asiasana: | History of economic thought Keynesian school Microeconomics |
| Kieli: | eng |
| Tiivistelmä: | Systematic monetary policy is analysed in a two-period extension of standad, static New Keynesian models. It is shown that countercyclical policies increase the band of inaction of the price setters, and that this feedback effect on prie rigidity may make such policies 'selfjustifying' that is, the policies themselves cause the fluctuations that they are stabilizing. Moreover, countercyclical policies may, in general, reduec welfare. Socially optimal policies may well involve a commitment to enhance shocks. |
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