Monetary rules and sectoral unemployment in open economies
نویسندگان
چکیده
منابع مشابه
Monetary Policy and Unemployment in Open Economies
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...
متن کاملNCER Working Paper Series Monetary Policy and Unemployment in Open Economies
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...
متن کاملMonetary policy rules in emerging market economies: issues and evidence
The paper reviews the recent conduct of monetary policy and central banks’ interest rate setting behaviour in emerging market economies. Using a standard open economy reaction function, we test whether central banks in emerging economies react to changes in inflation, output gaps and the exchange rate in a consistent and predictable manner. In most emerging economies the interest rate responds ...
متن کاملComparing monetary policy rules in CEE economies: A Bayesian approach
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...
متن کاملDebt, Deficits, and Destabilizing Monetary Policy in Open Economies
Blanchard (2005) suggested that active interest rate policy might induce unstable dynamics in highly-indebted economies. We examine this in a dynamic general equilibrium model where Calvo-type price rigidities provide a rationale for inflation stabilization. Unstable dynamics can occur when the CB is aggressively raising the interest rate in response to higher expected inflation. The constraint...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Macroeconomics
سال: 2014
ISSN: 0164-0704
DOI: 10.1016/j.jmacro.2014.01.004