Optimal monetary policy in a New Keynesian model with endogenous growth

被引：13

作者：

Annicchiarico, Barbara ^{[1
]}

Rossi, Lorenza ^{[2
]}

机构：

[1] Univ Roma Tor Vergata, Dept Econ Law & Inst, I-00133 Rome, Italy

[2] Univ Pavia, Dept Econ & Management, I-27100 Pavia, Italy

来源：

JOURNAL OF MACROECONOMICS | 2013年 / 38卷

关键词：

Monetary policy; Endogenous growth; Ramsey problem; Optimal simple rules; CALVO VS. ROTEMBERG; STAGGERED PRICES; TREND INFLATION;

D O I：

10.1016/j.jmacro.2013.10.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study optimal monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each firm. We find that, in contrast with the standard NK model, the Ramsey dynamics implies deviation from full inflation targeting in response to technology and government spending shocks, while the optimal operational rule is backward looking and responds to inflation and output deviations from their long-run levels. (C) 2013 Elsevier Inc. All rights reserved.

引用

页码：274 / 285

页数：12

共 39 条

[1] INTERTEMPORAL SUBSTITUTION IN LABOR SUPPLY - EVIDENCE FROM MICRO DATA [J].

ALTONJI, JG .

JOURNAL OF POLITICAL ECONOMY, 1986, 94 (03) :S176-S215

[2]

Annicchiarico B, OXFORD ECON PAP, DOI [10.1093/oep/gpt013, DOI 10.1093/OEP/GPTO13]

[3] Endogenous growth, monetary shocks and nominal rigidities [J].

Annicchiarico, Barbara ;

Pelloni, Alessandra ;

Rossi, Lorenza .

ECONOMICS LETTERS, 2011, 113 (02) :103-107

[4] LONG-TERM GROWTH AND SHORT-TERM VOLATILITY: THE LABOUR MARKET NEXUS [J].

Annicchiarico, Barbara ;

Corrado, Luisa ;

Pelloni, Alessandra .

MANCHESTER SCHOOL, 2011, 79 :646-672

[5]

[Anonymous], WORKING PAPER SERIES

[6] Staggered prices and trend inflation: some nuisances [J].

Ascari, G .

REVIEW OF ECONOMIC DYNAMICS, 2004, 7 (03) :642-667

[7] Trend Inflation and Firms Price-Setting: Rotemberg Versus Calvo [J].

Ascari, Guido ;

Rossi, Lorenza .

ECONOMIC JOURNAL, 2012, 122 (563) :1115-1141

[8] Calvo vs. Rotemberg in a trend inflation world: An empirical investigation [J].

Ascari, Guido ;

Castelnuovo, Efrem ;

Rossi, Lorenza .

JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 2011, 35 (11) :1852-1867

[9] Growth, cycles, and stabilization policy [J].

Blackburn, K ;

Pelloni, A .

OXFORD ECONOMIC PAPERS-NEW SERIES, 2005, 57 (02) :262-282

[10] On the relationship between growth and volatility [J].

Blackburn, K ;

Pelloni, A .

ECONOMICS LETTERS, 2004, 83 (01) :123-127

← 1 2 3 4 →