Arbeitspapier
Monetary Policy and Hysteresis in Potential Output
We show that actively stabilizing economic activity plays a more prominent role in the conduct of monetary policy when potential output is subject to hysteresis. We augment a basic NewKeynesian model by hysteresis in potential output and contrast simulation outcomes of this extended model to the standard model. We find that considering hysteresis allows for a more realistic propagation of macroeconomic shocks and persistent movements in output after monetary shocks. Our central policy implication of active output gap stabilization arises from stability analyses and welfare considerations.
- Sprache
-
Englisch
- Erschienen in
-
Series: IMK Working Paper ; No. 116
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Monetary Policy
- Thema
-
Monetary Policy
Hysteresis
Potential Output
Output Gap Mismeasurement
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kienzler, Daniel
Schmid, Kai Daniel
- Ereignis
-
Veröffentlichung
- (wer)
-
Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK)
- (wo)
-
Düsseldorf
- (wann)
-
2013
- Handle
- URN
-
urn:nbn:de:101:1-201403118796
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kienzler, Daniel
- Schmid, Kai Daniel
- Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK)
Entstanden
- 2013
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