scholarly journals Welfare-Based Monetary Policy Rules in an Estimated DSGE Model of the Us Economy

2006 ◽  
Author(s):  
Michel Juillard ◽  
Philippe Karam ◽  
Douglas Laxton ◽  
Paolo A. Pesenti
Keyword(s):  
Monetary Policy ◽  
Dsge Model ◽  
Policy Rules ◽  
Monetary Policy Rules ◽  
Us Economy ◽  
The Us

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

2013 ◽  
Vol 5 (2) ◽  
pp. 1-31 ◽  
Author(s):  
Alejandro Justiniano ◽  
Giorgio E Primiceri ◽  
Andrea Tambalotti
Keyword(s):  
Monetary Policy ◽  
Market Power ◽  
Optimal Policy ◽  
Economic Fluctuations ◽  
Dsge Model ◽  
Trade Off ◽  
Equilibrium Behavior ◽  
Us Economy ◽  
Output Stabilization ◽  
The Us

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)

scholarly journals The Empirical Implications of the Interest-Rate Lower Bound

2017 ◽  
Vol 107 (7) ◽  
pp. 1971-2006 ◽  
Author(s):  
Christopher Gust ◽  
Edward Herbst ◽  
David López-Salido ◽  
Matthew E. Smith
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Lower Bound ◽  
Bayesian Methods ◽  
Dsge Model ◽  
Slow Recovery ◽  
Us Economy ◽  
The Us ◽  
The Interest Rate ◽  
Empirical Implications

Using Bayesian methods, we estimate a nonlinear DSGE model in which the interest-rate lower bound is occasionally binding. We quantify the size and nature of disturbances that pushed the US economy to the lower bound in late 2008 as well as the contribution of the lower bound constraint to the resulting economic slump. We find that the interest-rate lower bound was a significant constraint on monetary policy that exacerbated the recession and inhibited the recovery, as our mean estimates imply that the zero lower bound (ZLB) accounted for about 30 percent of the sharp contraction in US GDP that occurred in 2009 and an even larger fraction of the slow recovery that followed. (JEL C11, C32, E12, E23, E32, E43, E52, G01)

scholarly journals Asymmetric monetary policy rules for the euro area and the US

2021 ◽  
pp. 103376
Author(s):  
Junior Maih ◽  
Falk Mazelis ◽  
Roberto Motto ◽  
Annukka Ristiniemi
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Policy Rules ◽  
Monetary Policy Rules ◽  
The Us

scholarly journals Asymmetric Monetary Policy Rules for the Euro Area and the Us

2021 ◽  
Author(s):  
Junior Maih ◽  
Falk Mazelis ◽  
Roberto Motto ◽  
Annukka Ristiniemi
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Policy Rules ◽  
Monetary Policy Rules ◽  
The Us
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