Please use this identifier to cite or link to this item:
https://hdl.handle.net/2440/84743
Citations | ||
Scopus | Web of Science® | Altmetric |
---|---|---|
?
|
?
|
Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Groshenny, N. | - |
dc.date.issued | 2013 | - |
dc.identifier.citation | Macroeconomic Dynamics, 2013; 17(Special Issue 06):1311-1329 | - |
dc.identifier.issn | 1365-1005 | - |
dc.identifier.issn | 1469-8056 | - |
dc.identifier.uri | http://hdl.handle.net/2440/84743 | - |
dc.description.abstract | To what extent did deviations from the Taylor rule between 2002 and 2006 help to promote price stability and maximum sustainable employment? To address that question, I estimate a New Keynesian model with unemployment and perform a counterfactual experiment where monetary policy strictly follows a Taylor rule over the period 2002:Q1–2006:Q4. I find that such a policy would have generated a sizeable increase in unemployment and resulted in an undesirably low rate of inflation. Around mid-2004, when the counterfactual deviates the most from the actual series, the model indicates that the probability of an unemployment rate greater than 8% would have been as high as 80%, whereas the probability of an inflation rate above 1% would have been close to zero. | - |
dc.description.statementofresponsibility | Nicolas Groshenny | - |
dc.language.iso | en | - |
dc.publisher | Cambridge University Press | - |
dc.rights | © Cambridge University Press 2012 | - |
dc.source.uri | http://dx.doi.org/10.1017/s1365100512000053 | - |
dc.subject | Business cycle models; Inflation; Unemployment; Taylor rules | - |
dc.title | Monetary policy, inflation and unemployment: in defense of the Federal Reserve | - |
dc.type | Journal article | - |
dc.identifier.doi | 10.1017/S1365100512000053 | - |
pubs.publication-status | Published | - |
dc.identifier.orcid | Groshenny, N. [0000-0002-2256-1621] | - |
Appears in Collections: | Aurora harvest 2 Economics publications |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
RA_hdl_84743.pdf Restricted Access | Restricted Access | 952.67 kB | Adobe PDF | View/Open |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.