Monetary policy in a forward-looking input-output economy
Divisions 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 cost-push shocks deﬁned differentiated intermediate discretionary regimes dual inﬂation targeting dual price-level targeting Economics Discussion Series elasticity of substitution equilibrium ﬁnal and intermediate ﬁnal goods production ﬁnal goods sector Finance and Economics ﬁnd ﬁrst 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 Mark Gertler Michael Woodford misperceptions Monetary Economics monetary policy nominal interest rate one-sector model optimal commitment policy optimal policy output gap paper parameter values perform worse Phillips curve policy makers price index price stickiness price-level targeting regime productivity shock real marginal cost reduced-form simple loss functions sources of shocks sticky prices target variables targeting prices technology shock