Arbeitspapier
Assessing predetermined expectations in the standard sticky-price model: a Bayesian approach
This paper analyses the empirical performance of a New Keynesian stickyprice model with delayed effects of monetary impulses on inflation and output for the German pre-EMU economy. The model is augmented with rule-ofthumb behaviour in consumption and price setting. Using recently developed Bayesian estimation techniques, endogenous persistence is found to play a dominant role in consumption whereas forward-looking behaviour is greater for inflation. The model’s dynamics following a monetary shock and a preference shock are comparable to those of an identified VAR model.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 621
- Klassifikation
-
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Monetary Policy
Model Construction and Estimation
- Thema
-
Bayesian estimation
DSGE-Model
identified VAR
predetermined expectations
Allgemeines Gleichgewicht
Stochastisches Wachstumsmodell
Preisrigidität
VAR-Modell
Wahrscheinlichkeitsrechnung
Theorie
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Welz, Peter
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2006
- Handle
- 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
- Welz, Peter
- European Central Bank (ECB)
Entstanden
- 2006
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