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Autor:innen: 
Erscheinungsjahr: 
2001
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 130
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
Recent research have provided evidence that backward-looking models fit the data well while purely forward-looking models seem to be inconsistent with data. Consequently, many recent papers in the monetary policy rule literature have used hybrid models, which contain both backward- and forward-looking components. In this paper, I demonstrate that a dynamic general equilibrium model with flexible prices and forward-looking properties cannot account for the empirical findings, i.e. that backward-looking behavior seems more important than forward-looking behavior, and that backward-looking models fit the data better than purely forward-looking models. The results also show that the equilibrium model cannot replicate the estimated high weight on backward-looking behavior on US data for the hybrid model.
Schlagwörter: 
Monetary policy rules
New Keynesian Phillips-curves
Rational expectations IS-curves
Backward-looking models
Dynamic general equilibrium models
Lucas critique
JEL: 
C22
C52
E52
Dokumentart: 
Working Paper
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