GOVERNMENT POLICY IN MONETARY ECONOMIES*
نویسندگان
چکیده
منابع مشابه
Government Policy in Monetary Economies
I study how the general and specific details of a micro founded monetary framework affect the determination of policy when the government has limited commitment. The conduct of policy depends on the interaction between the incentive to smooth distortions intertemporally and a time-consistency problem. In equilibrium, fiscal and monetary policies are distortionary, but long-run policy is not aff...
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After an expansionary monetary policy shock employment increases and unemployment falls. In standard New Keynesian models the fall in aggregate unemployment does not a¤ect employed workers at all. However, Lüchinger, Meier and Stutzer (2010) found that the risk of unemployment negatively a¤ects utility of employed workers: An increases in aggregate unemployment decreases workerssubjective well...
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a r t i c l e i n f o JEL classification: C11 E32 E52 Keywords: New Keynesian models Small open economy Monetary policy Taylor rules Bayesian methods Using the Bayesian approach, a small open economy DSGE model was estimated using a sample of quarterly data for three Central and Eastern Europe economies, Czech Republic, Hungary and Poland. The hypothesis that central banks react to exchange rat...
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ژورنال
عنوان ژورنال: International Economic Review
سال: 2013
ISSN: 0020-6598
DOI: 10.1111/j.1468-2354.2012.00730.x