Monetary policy trade-offs in an estimated open-economy DSGE model

被引：17

作者：

Adolfson, Malin ^{[1
]}

Laseen, Stefan ^{[1
]}

Linde, Jesper ^{[2
]}

Svensson, Lars E. O. ^{[3
,4
,5
]}

机构：

[1] Sveriges Riksbank, Stockholm, Sweden

[2] Fed Reserve Board, Board Governors Fed Reserve Syst, Div Int Finance, Washington Nw, DC 20551 USA

[3] Stockholm Sch Econ, SIFR, Stockholm, Sweden

[4] Stockholm Univ, IIES, Stockholm, Sweden

[5] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2014年 / 42卷

关键词：

Optimal monetary policy; Instrument rules; Open-economy DSGE models; Output gap; Potential output; NOMINAL RIGIDITIES; RATES;

D O I：

10.1016/j.jedc.2014.02.012

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the trade-offs between stabilizing CPI inflation and alternative measures of the output gap in Ramses, the Riksbank's estimated dynamic stochastic general equilibrium (DSGE) model of a small open economy. Our main finding is that the trade-off between stabilizing CPI inflation and the output gap strongly depends on which concept of potential output in the output gap between output and potential output is used in the loss function. If potential output is defined as a smooth trend this trade-off is much more pronounced compared to the case when potential output is defined as the output level that would prevail if prices and wages were flexible. Published by Elsevier B.V.

引用

页码：33 / 49

页数：17

共 25 条

[1] Optimal monetary policy under commitment with a zero bound on nominal interest rates [J].