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Title:Disinflation in a DSGE perspective: sacrifice ratio or welfare gain ratio? PDF Logo
Authors:Ascari, Guido
Ropele, Tiziano
Issue Date:2009
Series/Report no.:Kiel working paper 1499
Abstract:When taken to examine disinflation monetary policies, the current workhorse DSGE model of business cycle fluctuations successfully accounts for the main stylized facts in terms of recessionary effects and sacrifice ratio. We complement the transitional analysis of the short-run costs with a rigorous welfare evaluation and show that, despite the long-lasting economic downturn, disinflation entails non-zero overall welfare gains.
Subjects:Disinflation
Sacrifice ratio
Non-linearities
JEL:E31
E5
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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