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dc.contributor.authorFaia, Esteren_US
dc.date.accessioned2009-09-21en_US
dc.date.accessioned2009-10-18T16:27:19Z-
dc.date.available2009-10-18T16:27:19Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/28379-
dc.description.abstractThe literature has shown that product market frictions and firms dynamic play a crucial role in reconciling standard DSGE with several stylized facts. This paper studies optimal monetary policy in a DSGE model with sticky prices and oligopolistic competition. In this model firms' monopolistic rents induce both intra-temporal and intertemporal time-varying wedges which induce inefficient fluctuations of employment and consumption. The monetary authority faces a trade-off between stabilizing inflation and reducing inefficient fluctuations, which is resolved by using consumer price inflation as a state contingent sale subsidy. An analysis of the welfare gains of alternative rules show that targeting mark-ups and asset prices might improve upon a strict inflation targeting.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel working paper 1552en_US
dc.subject.jelE3en_US
dc.subject.jelE5en_US
dc.subject.ddc330en_US
dc.subject.keywordProduct market frictionsen_US
dc.subject.keywordoligopolistic competitionen_US
dc.subject.keywordoptimal monetary policyen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwAllgemeines Gleichgewichten_US
dc.subject.stwStochastischer Prozessen_US
dc.subject.stwOligopolen_US
dc.subject.stwPreisrigiditäten_US
dc.subject.stwTheorieen_US
dc.titleOligopolistic competition and optimal monetary policyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn609217879en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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