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dc.contributor.authorCateau, Ginoen_US
dc.date.accessioned2011-12-15T12:55:37Z-
dc.date.available2011-12-15T12:55:37Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/53772-
dc.description.abstractThis paper proposes a simple analytical method to determine the stationarity of an unnormalized variable from the solution to a normalized model i.e. a model whose variables must be expressed in relative terms or must be differenced for a solution to exist. The paper then applies the methodto answer a question of interest to policy-makers: does optimal policy under commitment lead to stationarity in the price level? Unlike Gaspar, Smets, and Vestin (2007), the paper finds that optimal policy under commitment does not lead to price level stationarity in the Smets and Wouters (2003) model.en_US
dc.language.isoengen_US
dc.publisherBank of Canada Ottawaen_US
dc.relation.ispartofseriesBank of Canada Working Paper 2009,8en_US
dc.subject.jelE52en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary policy frameworken_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwPreisniveaustabilitäten_US
dc.subject.stwTheorieen_US
dc.titleOptimal policy under commitment and price level stationarityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn597605955en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Bank of Canada Working Papers

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