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dc.contributor.authorScharler, Johannen
dc.contributor.authorMayer, Ericen
dc.date.accessioned2010-08-11T09:12:04Z-
dc.date.available2010-08-11T09:12:04Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aVerein für Socialpolitik |cFrankfurt a. M.en
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Monetary Policy Rules |xA16-V2en
dc.subject.jelE32en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordGreat Moderationen
dc.subject.keywordNew Keynesian Modelen
dc.subject.keywordNoisy Dataen
dc.titleNoisy Information, Interest Rate Shocks and the Great Moderation-
dc.typeConference Paperen
dc.identifier.ppn654580936en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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