A Comparison of some basic monetary policy regimes for open economies: implications of different degress of instrument adjustment and wage persistence
Board of Governors of the Federal Reserve System, 1993 - Business & Economics - 121 pages
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absolute value asymmetric goods-demand shocks asymmetric productivity shock asymmetric shocks baseline CC and YY CC pair CC regime Contract model CPIs degrees of instrument demand shocks effects of symmetric employments and inflations equal to zero equation 38 equations 43 excess demands Federal Reserve System feedback coefficients Henderson and McKibbin instrument adjustment model in Figure monetary policy regimes money supplies MSG2 model NominaI nominal income nominal interest rate oooooooo Output Price pair for employments parameter values phase diagram Phillips and MSG2 Phillips curve Phillips hypothesis Phillips model qualitative ranking of regime rates in period reaction functions ReaI real exchange rate real interest rates regime combinations results for symmetric ROECD schedule shifts shocks with FIA shown in Figure simulation results slope SSDs sum of excess Sum of Squored symmetric and asymmetric symmetric increase symmetric money-demand shock unchanged wage persistence workhorse model YY pair dominates YY regime pair