Is there a Trade-Off between Inflation and Output Stabilization?

• 成果类型: Article
• 署名作者: Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.5.2.1
• 发表日期: 2013
• 页码: 1-31
• 关键词: monetary-policy; wage; MODEL; rigidities

摘要

We find that the answer is no in an estimated DSGE model of the US economy in which exogenous movements in workers' market power are not a major driver of observed economic fluctuations. If they are, the tension between the conflicting stabilization objectives of monetary policy increases, but with negligible effects on the equilibrium behavior of the economy under optimal policy. (JEL E12, E23, E24, E31, E32, E52)