Actual and perceived monetary policy rules in a dynamic general equilibrium model of the euro area [elektronische middelen] / Mika Kortelainen.
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Kortelainen, Mika. (författare)
- ISBN 951-686-706-5
- Helsinki : Suomen Pankki, 2001.
- Engelska Text
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Serie: Bank of Finland Discussion papers, 1456-6184 ; 3/2001
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- 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.
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