Arbeitspapier
Actual and perceived monetary policy rules in a dynamic equilibrium model of the euro area
We present a dynamic general equilibrium model with some nominal rigidities and calibrate it to euro area data.The most important features of the model include consumption/saving decisions according to Blanchard's stochastic lifetimes approach; valuation of private financial wealth according to the present value of capital income; overlapping Calvo wage contracts in the labour market; and a neoclassical supply side with Cobb-Douglas technology.The model is developed for use in analysing differences between perceived and actual monetary policy rules, which is then done as a means of evaluating the macroeconomic benefits of credibility in monetary policy.General properties of the model are analysed with a variety of simulation experiments.
- ISBN
-
951-686-705-7
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Finland Discussion Papers ; No. 3/2001
- Klassifikation
-
Wirtschaft
- Thema
-
EDGE
rational expectation
DGE models
nominal rigidites
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kortelainen, Mika
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Finland
- (wo)
-
Helsinki
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Kortelainen, Mika
- Bank of Finland
Entstanden
- 2001
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