Actual and perceived monetary policy rules in a dynamic equilibrium model of the euro area

Show full item record

Title: Actual and perceived monetary policy rules in a dynamic equilibrium model of the euro area
Author: Kortelainen, Mika
Organization: Suomen Pankki
Department / Unit: Research Department
Series: Suomen Pankin keskustelualoitteita
Series number: 3/2001
Year of publication: 2001
Publication date: 12.3.2001
Pages: 76 s.
Keywords: keskuspankit; uskottavuus; rahapolitiikka; mallit; euroalue; rationaaliset odotukset; säännöt; kansantaloustiede;
Abstract: We present a dynamic general equilibrium model with some nominal rigidities and calibrate it to euro area data.The most important features of the model include consumption/saving decisions according to Blanchard's stochastic lifetimes approach; valuation of private financial wealth according to the present value of capital income; overlapping Calvo wage contracts in the labour market; and a neoclassical supply side with Cobb-Douglas technology.The model is developed for use in analysing differences between perceived and actual monetary policy rules, which is then done as a means of evaluating the macroeconomic benefits of credibility in monetary policy.General properties of the model are analysed with a variety of simulation experiments.Key words: EDGE, rational expectation, DGE models, nominal rigidites
Rights: https://helda.helsinki.fi/bof/copyright


Files in this item

Total number of downloads: Loading...

Files Size Format View
98284.pdf 995.1Kb PDF View/Open

This item appears in the following Collection(s)

Show full item record