Konferenzbeitrag
Rational Expectations Models with Anticipated Shocks and Optimal Policy
This paper investigates optimal policy in the presence of anticipated (or news) shocks. We determine the optimal unrestricted and restricted policy response in a general rational expectations model and show that, if shocks are news shocks, the optimal unrestricted control rule under commitment contains a forward-looking element. As an example, we lay out a micro-founded hybrid New Keynesian model and show i) that anticipated cost-push shocks entail higher welfare losses than unanticipated shocks of equal size and ii) that the inclusion of forward-looking elements enhances distinctly the performance of simple optimized interest rate rules.
- Sprache
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Englisch
- Erschienen in
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Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2012: Neue Wege und Herausforderungen für den Arbeitsmarkt des 21. Jahrhunderts - Session: Information and the Macroeconomy ; No. C18-V3
- Klassifikation
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Wirtschaft
Monetary Policy
Business Fluctuations; Cycles
Optimization Techniques; Programming Models; Dynamic Analysis
- Ereignis
-
Geistige Schöpfung
- (wer)
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Winkler, Roland
Wohltmann, Hans-Werner
- Ereignis
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Veröffentlichung
- (wann)
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2012
- Handle
- Letzte Aktualisierung
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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
- Konferenzbeitrag
Beteiligte
- Winkler, Roland
- Wohltmann, Hans-Werner
Entstanden
- 2012
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