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- Erceg, Christopher J.Federal Reserve Board (author)
Tradeoffs between Inflation and Output-Gap Variances in an Optimizing-Agent Model
- BookEnglish1998
Publisher, publication year, extent ...
- Stockholm :IIES,1998
- 49 s.
- electronicrdacarrier
Numbers
- LIBRIS-ID:oai:DiVA.org:su-41055
- https://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-41055URI
- https://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-41043URI
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- Language:English
- Summary in:English
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- Seminar Paper / Institute for International Economic Studies, Stockholm University,0347-8769 ;650
Notes
- Published in connection with a visit at the IIES
- We demonstrate the existence of a monetary policy tradeoff between price-inflation variability and output-gap variability in an optimizing-agent model with staggered nominal wage and price contracts. This variance tradeoff is absent only in the special case in which prices are sticky and wages are perfectly flexible. When the model is calibrated to exhibit an empirically reasonable degree of nominal wage inertia, strict inflation targeting induces substantial output-gap volatility.
Subject headings and genre
- SAMHÄLLSVETENSKAP Ekonomi och näringsliv Nationalekonomi hsv//swe
- SOCIAL SCIENCES Economics and Business Economics hsv//eng
- Economics
- Nationalekonomi
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- Henderson, Dale W.Federal Reserve Board (author)
- Levin, Andrew T.Federal Reserve Board (author)
- Federal Reserve Board (creator_code:org_t)
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