Monetary Policy in a Forward-looking Input-output EconomyDivisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2008 - 43 pages |
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assigned loss function assume benchmark calibration benchmark economy Business Cycle central bank coefficients Commitment Loss cost-push shocks differentiated intermediate discretionary regimes dual inflation targeting dual price-level targeting Economics Discussion Series elasticity of substitution Et+1 final goods sector Finance and Economics household loss function household utility Huang and Liu Impulse Response inflation and price-level inflation persistence inflation rates inflation targeting regimes input-output model intermediate goods prices intermediate goods sector intermediate goods shocks Journal of Monetary Keynesian model marginal cost gap Michael Woodford misperceptions Monetary Economics monetary policy nominal interest rate one-sector model optimal commitment policy optimal policy paper parameter values Percent above Commitment Percent Deviation perform worse Phillips curve policy makers price stickiness price-level targeting regime productivity shock Real Interest Rate real marginal cost reduced-form relative price gap simple loss functions sources of shocks sticky prices target variables targeting prices technology shock СРТ