کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5099295 1376998 2010 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Using a projection method to analyze inflation bias in a micro-founded model
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
Using a projection method to analyze inflation bias in a micro-founded model
چکیده انگلیسی
Since Kydland and Prescott (1977) and Barro and Gordon (1983), most studies of the problem of the inflation bias associated with discretionary monetary policy have assumed a quadratic loss function. We depart from the conventional linear-quadratic approach in favor of a projection method approach. We investigate the size of the inflation bias that arises in a microfounded nonlinear environment with Calvo price setting. The inflation bias is found to lie between 1% and 6% for a reasonable range of parameter values, when the bias is defined as the steady-state deviation of the discretionary inflation rate from the optimal inflation rate under commitment.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 34, Issue 9, September 2010, Pages 1572-1581
نویسندگان
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