Optimal Monetary Policy Rules in an Estimated Sticky-Information Model

• 成果类型: Article
• 署名作者: Reis, Ricardo
• 署名单位: Columbia University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.1.2.1
• 发表日期: 2009
• 页码: 1-28
• 关键词: business-cycle; uncertainty; TECHNOLOGY; volatility; inertia; prices; shock; wage

摘要

This paper uses a dynamic stochastic general equilibrium (DSGE) model with sticky information as a laboratory to study monetary policy. It characterizes the model's predictions for macro dynamics and optimal policy at prior parameters, and then uses data on five US macroeconomic series to update the parameters and provide an estimated model that can be used for policy analysis. The model answers a few policy questions. How does sticky information affect optimal monetary policy? What is the optimal interest rate rule? What is the optimal elastic price-level targeting rule? How does parameter uncertainty affect optimal policy? Are the conclusions for the Euro area different? (JEL E13, E31, E43, E52)