کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
964897 1479230 2014 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Home production and sticky price models: Implications for monetary policy
ترجمه فارسی عنوان
تولید خانه و مدل های قیمت چسبنده: پیامدهای سیاست پولی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


• I embed home production into a New Keynesian model.
• The model amplifies impulse responses to monetary and technology shocks.
• I show that strict inflation targeting implements the constrained first best.
• Deviations from this rule yield quantitatively large welfare losses.

I analyze the consequences of including home production in a New Keynesian model with staggered price setting. Home production amplifies responses to technology and monetary policy shocks. Compared to a model without home production, the model generates close to twice the output response to a monetary policy shock. I consider the implications of several nominal interest rate rules and show that a traditional Taylor rule lacks its usual attractive properties. Alternatively, strict inflation targeting implements the constrained efficient allocation.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 41, September 2014, Pages 107–121
نویسندگان
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