Policy and the Evolution of the US Economy: 1948-2002
| Contribuinte(s) |
Universitat Pompeu Fabra. Departament d'Economia i Empresa |
|---|---|
| Data(s) |
10/07/2013
|
| Resumo |
This paper investigates the relationship between monetary policy and the changes experienced by the US economy using a small scale New-Keynesian model. The model is estimated with Bayesian techniques and the stability of policy parameter estimates and of the transmission of policy shocks examined. The model fits well the data and produces forecasts comparable or superior to those of alternative specifications. The parameters of the policy rule, the variance and the transmission of policy shocks have been remarkably stable. The parameters of the Phillips curve and of the Euler equations are varying. |
| Identificador | |
| Idioma(s) |
eng |
| Direitos |
Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (<a href="http://creativecommons.org/licenses/by-nc-nd/2.5/es/">http://creativecommons.org/licenses/by-nc-nd/2.5/es/</a>) |
| Palavras-Chave | #New Keynesian model, Bayesian methods, Monetary policy, Great Inflation |
| Tipo |
info:eu-repo/semantics/workingPaper |
