메뉴 건너뛰기




Volumn 31, Issue 1, 2007, Pages 111-140

Inflation persistence and robust monetary policy design

Author keywords

Euro area; Inflation persistence; Macroeconomic modelling; Monetary policy rules; Rational expectations; Robustness; Staggered contracts

Indexed keywords


EID: 33751335037     PISSN: 01651889     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jedc.2005.09.012     Document Type: Article
Times cited : (22)

References (63)
  • 2
    • 0037405059 scopus 로고    scopus 로고
    • Estimation and control of an optimization-based model with sticky prices and wages
    • Amato J.D., and Laubach T. Estimation and control of an optimization-based model with sticky prices and wages. Journal of Economic Dynamics and Control 27 (2003) 1181-1215
    • (2003) Journal of Economic Dynamics and Control , vol.27 , pp. 1181-1215
    • Amato, J.D.1    Laubach, T.2
  • 3
    • 0000806818 scopus 로고
    • A linear algebraic procedure for solving linear perfect foresight models
    • Anderson G.S., and Moore G.R. A linear algebraic procedure for solving linear perfect foresight models. Economics Letters 17 (1985) 247-252
    • (1985) Economics Letters , vol.17 , pp. 247-252
    • Anderson, G.S.1    Moore, G.R.2
  • 7
    • 33751317321 scopus 로고    scopus 로고
    • Batini, N., Levine, P., Pearlman, J.G., 2004. Indeterminacy with inflation-forecast-based rules in a two-bloc model. ECB Working Paper No. 340, European Central Bank, April.
  • 8
    • 0000174465 scopus 로고
    • The solution of linear difference models under rational expectations
    • Blanchard O.J., and Kahn C. The solution of linear difference models under rational expectations. Econometrica 48 (1980) 1305-1311
    • (1980) Econometrica , vol.48 , pp. 1305-1311
    • Blanchard, O.J.1    Kahn, C.2
  • 9
    • 33751310671 scopus 로고    scopus 로고
    • Brayton, F., Tinsley, P.A., 1996. A guide to FRB/US: a macroeconomic model of the United States. Finance and Economics Discussion Series, vol. 96-42. Board of Governors of the Federal Reserve System, October.
  • 10
    • 33751311410 scopus 로고    scopus 로고
    • Brayton, F., Roberts, J.M., Williams, J.C., 1999. What has happened to the Phillips curve?. Finance and Economics Discussion Series, vol. 99-49. Board of Governors of the Federal Reserve System, September.
  • 11
    • 33751309732 scopus 로고    scopus 로고
    • Bryant, R.C., Hooper, P., Mann, C. (Eds.), 1993. Evaluating Policy Regimes: New Research in Empirical Macroeconomics. Brookings Institution, Washington, DC.
  • 12
    • 84981412290 scopus 로고    scopus 로고
    • Buiter, W.H., Jewitt, I., 1981. Staggered Wage Setting with Real Wage Relativities: Variations on a Theme of Taylor. The Manchester School 49. Reprinted in: Buiter, W.H. (Ed.), 1989. Macroeconomic Theory and Stabilization Policy. Manchester University Press, Manchester, pp. 211-228.
  • 13
    • 48749143178 scopus 로고
    • Staggered prices in a utility-maximizing framework
    • Calvo G.A. Staggered prices in a utility-maximizing framework. Journal of Monetary Economics 12 (1983) 383-398
    • (1983) Journal of Monetary Economics , vol.12 , pp. 383-398
    • Calvo, G.A.1
  • 14
    • 0001682128 scopus 로고    scopus 로고
    • Sticky price models of the business cycle: can the contract multiplier solve the persistence problem?
    • Chari V.V., Kehoe P., and McGrattan E. Sticky price models of the business cycle: can the contract multiplier solve the persistence problem?. Econometrica 68 (2000) 1151-1180
    • (2000) Econometrica , vol.68 , pp. 1151-1180
    • Chari, V.V.1    Kehoe, P.2    McGrattan, E.3
  • 15
    • 15844392342 scopus 로고    scopus 로고
    • Nominal rigidities and the dynamic effects of a shock to monetary policy
    • Christiano L.J., Eichenbaum M., and Evans C. Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy 113 (2005) 1-45
    • (2005) Journal of Political Economy , vol.113 , pp. 1-45
    • Christiano, L.J.1    Eichenbaum, M.2    Evans, C.3
  • 16
    • 0002092059 scopus 로고    scopus 로고
    • How the Bundesbank conducts monetary policy
    • Romer C., and Romer D. (Eds), NBER and University of Chicago Press, Chicago
    • Clarida R., and Gertler M. How the Bundesbank conducts monetary policy. In: Romer C., and Romer D. (Eds). Reducing Inflation (1997), NBER and University of Chicago Press, Chicago
    • (1997) Reducing Inflation
    • Clarida, R.1    Gertler, M.2
  • 17
    • 0031670190 scopus 로고    scopus 로고
    • Monetary policy rules in practice: some international evidence
    • Clarida R., Galí J., and Gertler M. Monetary policy rules in practice: some international evidence. European Economic Review 42 (1998) 1033-1067
    • (1998) European Economic Review , vol.42 , pp. 1033-1067
    • Clarida, R.1    Galí, J.2    Gertler, M.3
  • 18
    • 33751330515 scopus 로고    scopus 로고
    • Coenen, G., 2003. Inflation persistence and robust monetary policy design. ECB Working Paper No. 290. European Central Bank, November.
  • 19
    • 13444263530 scopus 로고    scopus 로고
    • A small estimated euro area model with rational expectations and nominal rigidities
    • Coenen G., and Wieland V. A small estimated euro area model with rational expectations and nominal rigidities. European Economic Review 49 (2005) 1081-1104
    • (2005) European Economic Review , vol.49 , pp. 1081-1104
    • Coenen, G.1    Wieland, V.2
  • 20
    • 14844360443 scopus 로고    scopus 로고
    • Coenen, G., Orphanides, A., Wieland, V., 2004. Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero. Advances in Macroeconomics 4, 〈http://www.bepress.com/bejm/advances/vol4/iss1/art1〉.
  • 21
    • 0009401749 scopus 로고    scopus 로고
    • Cogley, T., Sargent, T.J., 2001. Evolving post-world war II US inflation dynamics. In: Bernanke, B.S., Rotemberg, J.J. (Eds.), NBER Macroeconomics Annual, vol. 16. MIT Press, Cambridge, MA.
  • 23
  • 24
    • 0001532134 scopus 로고    scopus 로고
    • Optimal monetary policy with staggered wage and price contracts
    • Erceg C., Henderson D., and Levin A.T. Optimal monetary policy with staggered wage and price contracts. Journal of Monetary Economics 46 (2000) 281-313
    • (2000) Journal of Monetary Economics , vol.46 , pp. 281-313
    • Erceg, C.1    Henderson, D.2    Levin, A.T.3
  • 25
    • 12144284568 scopus 로고    scopus 로고
    • An area-wide model (AWM) for the euro area
    • Fagan G., Henry J., and Mestre R. An area-wide model (AWM) for the euro area. Economic Modelling 22 (2005) 39-59
    • (2005) Economic Modelling , vol.22 , pp. 39-59
    • Fagan, G.1    Henry, J.2    Mestre, R.3
  • 26
    • 33751347220 scopus 로고    scopus 로고
    • Faust, J., Rogers, J.H., Wright, J.H., 2001. An empirical comparison of Bundesbank and ECB monetary policy rules. International Finance Discussion Papers, vol. 01-705. Board of Governors of the Federal Reserve System, August.
  • 27
    • 33751333109 scopus 로고    scopus 로고
    • Finan, F.S., Tetlow, R.J., 1999. Optimal control of large, forward-looking models: efficient solutions and two examples. Finance and Economics Discussion Series, vol. 99-51. Board of Governors of the Federal Reserve System, October.
  • 28
    • 0031506389 scopus 로고    scopus 로고
    • Inflation/output variance trade-offs and optimal monetary policy
    • Fuhrer J.C. Inflation/output variance trade-offs and optimal monetary policy. Journal of Money, Credit and Banking 29 (1997) 214-234
    • (1997) Journal of Money, Credit and Banking , vol.29 , pp. 214-234
    • Fuhrer, J.C.1
  • 30
    • 0033211941 scopus 로고    scopus 로고
    • Inflation dynamics: a structural econometric analysis
    • Galí J., and Gertler M. Inflation dynamics: a structural econometric analysis. Journal of Monetary Economics 44 (1999) 195-222
    • (1999) Journal of Monetary Economics , vol.44 , pp. 195-222
    • Galí, J.1    Gertler, M.2
  • 32
    • 0036002891 scopus 로고    scopus 로고
    • Does model uncertainty justify caution? Robust monetary policy in a forward-looking model
    • Giannoni M.P. Does model uncertainty justify caution? Robust monetary policy in a forward-looking model. Macroeconomic Dynamics 6 (2002) 111-144
    • (2002) Macroeconomic Dynamics , vol.6 , pp. 111-144
    • Giannoni, M.P.1
  • 33
    • 33751315632 scopus 로고    scopus 로고
    • Giannoni, M.P., Woodford, M., 2002. Optimal interest rates: I. General theory. NBER Working Paper No. 9419. December.
  • 34
    • 33751345203 scopus 로고    scopus 로고
    • Guerrieri, L., 2005. The inflation persistence of staggered contracts. Journal of Money, Credit and Banking, forthcoming.
  • 35
    • 33646467175 scopus 로고    scopus 로고
    • Princeton University Press, Princeton forthcoming
    • Hansen L.P., and Sargent T.J. Robustness (2005), Princeton University Press, Princeton forthcoming
    • (2005) Robustness
    • Hansen, L.P.1    Sargent, T.J.2
  • 37
    • 33751343779 scopus 로고    scopus 로고
    • King, R., Wolman, A., 1999. What should the monetary authority do when prices are sticky? In: Taylor, J.B. (Ed.), Monetary Policy Rules. NBER and University of Chicago Press, Chicago, 1999.
  • 38
    • 33751337634 scopus 로고    scopus 로고
    • Küster, K., Wieland, V., 2005. Insurance policies for monetary policy in the euro area. ECB Working Paper No. 480. European Central Bank, April.
  • 39
    • 33751344022 scopus 로고    scopus 로고
    • Leitemo, K., 2005. Optimal perception of inflation persistence is zero. Manuscript. Norwegian School of Management, May.
  • 40
    • 33751331061 scopus 로고    scopus 로고
    • Levin, A.T., Wieland, V., Williams, J.C., 1999. Robustness of simple policy rules under model uncertainty. In: Taylor, J.B. (Ed.), Monetary Policy Rules. NBER and University of Chicago Press, Chicago, 1999.
  • 41
    • 0041724789 scopus 로고    scopus 로고
    • The performance of forecast-based monetary policy rules under model uncertainty
    • Levin A.T., Wieland V., and Williams J.C. The performance of forecast-based monetary policy rules under model uncertainty. American Economic Review 93 (2003) 622-645
    • (2003) American Economic Review , vol.93 , pp. 622-645
    • Levin, A.T.1    Wieland, V.2    Williams, J.C.3
  • 42
    • 33751307535 scopus 로고    scopus 로고
    • McCallum, B.T., Nelson, E., 1999. Performance of operational policy rules in an estimated semiclassical structural model. In: Taylor, J.B. (Ed.), 1999. Monetary Policy Rules. NBER and University of Chicago Press, Chicago.
  • 43
    • 33751322842 scopus 로고    scopus 로고
    • OECD, 2002. OECD Economic Outlook No. 71. Organisation for Economic Co-Operation and Development, June.
  • 44
    • 0036002890 scopus 로고    scopus 로고
    • Robust monetary policy under model uncertainty in a small model of the US economy
    • Onatski A., and Stock J.H. Robust monetary policy under model uncertainty in a small model of the US economy. Macroeconomic Dynamics 6 (2002) 85-110
    • (2002) Macroeconomic Dynamics , vol.6 , pp. 85-110
    • Onatski, A.1    Stock, J.H.2
  • 46
    • 0037001689 scopus 로고    scopus 로고
    • Orphanides, A., Williams, J.C., 2002. Robust monetary policy rules with unknown natural rates. Brookings Papers on Economic Activity 2, 63-145.
  • 47
    • 0345982186 scopus 로고    scopus 로고
    • Rotemberg, J.J., Woodford, M., 1997. An optimization-based econometric framework for the evaluation of monetary policy. In: Bernanke, B.S., Rotemberg, J.J. (Eds.), NBER Macroeconomics Annual, vol. 12. MIT Press, Cambridge, MA.
  • 48
    • 33751332617 scopus 로고    scopus 로고
    • Rotemberg, J.J., Woodford, M., 1999. Interest-rate rules in an estimated sticky price model. In: Taylor, J.B. (Ed.), Monetary Policy Rules. NBER and University of Chicago Press, Chicago, 1999.
  • 49
    • 33751331541 scopus 로고    scopus 로고
    • Rudd, J., Whelan, K., 2002. Does the labor share of income drive inflation?. Finance and Economics Discussion Series, vol. 02-30. Board of Governors of the Federal Reserve System, June.
  • 50
    • 33751307057 scopus 로고    scopus 로고
    • Rudebusch, G., Svensson, L.E.O., 1999. Policy rules for inflation targeting. In: Taylor, J.B. (Ed.), Monetary Policy Rules. NBER and University of Chicago Press, Chicago, 1999.
  • 51
    • 0036204588 scopus 로고    scopus 로고
    • Prices and unit labor costs: a new test of price stickiness
    • Sbordone A.M. Prices and unit labor costs: a new test of price stickiness. Journal of Monetary Economics 49 (2002) 265-292
    • (2002) Journal of Monetary Economics , vol.49 , pp. 265-292
    • Sbordone, A.M.1
  • 52
    • 77957241272 scopus 로고    scopus 로고
    • An estimated stochastic dynamic general equilibrium model of the euro area
    • Smets F., and Wouters R. An estimated stochastic dynamic general equilibrium model of the euro area. Journal of the European Economic Association 1 (2003) 1123-1175
    • (2003) Journal of the European Economic Association , vol.1 , pp. 1123-1175
    • Smets, F.1    Wouters, R.2
  • 54
    • 0039879325 scopus 로고    scopus 로고
    • Prices, wages and the US NAIRU in the 1990s
    • Krueger A.B., and Solow R. (Eds), Russel Sage and Century Fund, New York
    • Staiger D., Stock J.H., and Watson M.W. Prices, wages and the US NAIRU in the 1990s. In: Krueger A.B., and Solow R. (Eds). The Roaring 1990s: Can Full Employment Be Sustained? (2001), Russel Sage and Century Fund, New York
    • (2001) The Roaring 1990s: Can Full Employment Be Sustained?
    • Staiger, D.1    Stock, J.H.2    Watson, M.W.3
  • 56
    • 0003053945 scopus 로고
    • Aggregate dynamics and staggered contracts
    • Taylor J.B. Aggregate dynamics and staggered contracts. Journal of Political Economy 88 (1980) 1-24
    • (1980) Journal of Political Economy , vol.88 , pp. 1-24
    • Taylor, J.B.1
  • 59
    • 33751321489 scopus 로고    scopus 로고
    • Taylor, J.B. (Ed.), 1999. Monetary Policy Rules. NBER and University of Chicago Press, Chicago.
  • 60
    • 0033920005 scopus 로고    scopus 로고
    • Low inflation, pass-through, and the pricing power of firms
    • Taylor J.B. Low inflation, pass-through, and the pricing power of firms. European Economic Review 44 (2000) 1389-1408
    • (2000) European Economic Review , vol.44 , pp. 1389-1408
    • Taylor, J.B.1
  • 61
    • 0042232342 scopus 로고    scopus 로고
    • Robust monetary policy with misspecified models: does model uncertainty always call for attenuated policy?
    • Tetlow R.J., and von zur Muehlen P. Robust monetary policy with misspecified models: does model uncertainty always call for attenuated policy?. Journal of Economic Dynamics and Control 25 (2001) 911-949
    • (2001) Journal of Economic Dynamics and Control , vol.25 , pp. 911-949
    • Tetlow, R.J.1    von zur Muehlen, P.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.