کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
9732024 1480848 2005 36 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Did the great inflation occur despite policymaker commitment to a Taylor rule?
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Did the great inflation occur despite policymaker commitment to a Taylor rule?
چکیده انگلیسی
We study the hypothesis that misperceptions of trend productivity growth during the onset of the productivity slowdown in the US caused much of the great inflation of the 1970s. We use the general equilibrium, sticky price framework of Woodford [Interest and Prices, Princeton Univ. Press, Princeton, NJ, 2003] augmented with learning using the techniques of Evans and Honkapohja [Learning and Expectations in Macroeconomics, Princeton Univ. Press, Princeton, NJ, 2001]. We allow for endogenous investment as well as explicit, exogenous growth in productivity and the labor input. We assume the monetary policymaker is committed to using a Taylor-type policy rule. We study how this economy reacts to an unexpected change in the trend productivity growth rate under learning. We find that a substantial portion of the observed increase in inflation during the 1970s can be attributed to this source.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Economic Dynamics - Volume 8, Issue 2, April 2005, Pages 324-359
نویسندگان
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