کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967307 931190 2008 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Optimal monetary policy with distinct core and headline inflation rates
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Optimal monetary policy with distinct core and headline inflation rates
چکیده انگلیسی
In a stylized DSGE model with an energy sector, the optimal policy response to an adverse energy supply shock implies a rise in core inflation, a larger rise in headline inflation, and a decline in wage inflation. The optimal policy is well approximated by policies that stabilize the output gap, but also by a wide array of “dual mandate” policies that are not overly aggressive in stabilizing core inflation. Finally, policies that react to a forecast of headline inflation following a temporary energy shock imply markedly different effects than policies that react to a forecast of core, with the former inducing greater volatility in core inflation and the output gap.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 55, Supplement, October 2008, Pages S18-S33
نویسندگان
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