Macroeconometric equivalence, microeconomic dissonance, and the design of monetary policy

• 成果类型: Article
• 署名作者: Levin, Andrew T.; Lopez-Salido, J. David; Nelson, Edward; Yun, Tack
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.07.013
• 发表日期: 2008
• 页码: S48-S62
• 关键词: Macroeconometric equivalence; Alternative microfoundations; Ramsey optimal monetary policy; welfare analysis

摘要

Macroeconometric equivalence means that estimates of DSGE models using first-order approximations to equilibrium conditions fail to distinguish between alternative preference/technology configurations. Microeconomic dissonance means that the underlying microeconomic differences between ostensibly equivalent models become important when optimal monetary policy is derived. The relevance of these concepts is established by analysis of optimal monetary policy using a small-scale New Keynesian model. Microeconomic and financial datasets are promising tools with which to overcome the equivalence/dissonance problem. (C) 2008 Elsevier B.V. All rights reserved.