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dc.contributor.authorScharler, Johannen_US
dc.contributor.authorMayer, Ericen_US
dc.date.accessioned2010-08-11T09:12:04Z-
dc.date.available2010-08-11T09:12:04Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/37301-
dc.description.abstractIn this paper we quantitatively evaluate the hypothesis that the Great Moderation is partly the result of a less activist monetary policy. We simulate a New Keynesian model where the central bank can only observe a noisy estimate of the output gap and find that the less pronounced reaction of the Federal Reserve to output gap fluctuations since 1979 can account for half of the reduction in the standard deviation of GDP associated with the Great Moderation. Our simulations are consistent with the empirically documented smaller magnitude and impact of interest rate shocks since the early 1980s.en_US
dc.language.isoengen_US
dc.publisherVerein für Socialpolitik Frankfurt a. M.en_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Monetary Policy Rules A16-V2en_US
dc.subject.jelE32en_US
dc.subject.jelE52en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordGreat Moderationen_US
dc.subject.keywordNew Keynesian Modelen_US
dc.subject.keywordNoisy Dataen_US
dc.titleNoisy Information, Interest Rate Shocks and the Great Moderationen_US
dc.typeConference Paperen_US
dc.identifier.ppn654580936-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie

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