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
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951-686-705-7
- Language
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Englisch
- Bibliographic citation
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Series: Bank of Finland Discussion Papers ; No. 3/2001
- Classification
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Wirtschaft
- Subject
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EDGE
rational expectation
DGE models
nominal rigidites
- Event
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Geistige Schöpfung
- (who)
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Kortelainen, Mika
- Event
-
Veröffentlichung
- (who)
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Bank of Finland
- (where)
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Helsinki
- (when)
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2001
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Kortelainen, Mika
- Bank of Finland
Time of origin
- 2001
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Fixed rate tenders and the overnight money market equilibrium
Monetary consequences of alternative fiscal policy rules
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Fixed rate tenders and the overnight money market equilibrium
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Essays on macroeconomic effects of fiscal policy rules
Fundamental equilibrium exchange rate: a case study of the Finnish Markka
Industry equilibrium with outside financing and moral hazard: Effects of market integration
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