Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/43236 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorBeck, Guenter W.en
dc.contributor.authorWieland, Volkeren
dc.date.accessioned2009-10-21-
dc.date.accessioned2010-12-15T09:22:16Z-
dc.date.available2010-12-15T09:22:16Z-
dc.date.issued2009-
dc.identifier.piurn:nbn:de:hebis:30-71820en
dc.identifier.urihttp://hdl.handle.net/10419/43236-
dc.description.abstractIn the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross-check in policy formulation (see Lucas (2007)). We show that the New-Keynesian model can explain such trends if one allows for the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that include additional robustness checks. In earlier work, we proposed an interest rate rule that is near-optimal in normal times but includes a cross-check with monetary information. In case of unusual monetary trends, interest rates are adjusted. In this paper, we show in detail how to derive the appropriate magnitude of the interest rate adjustment following a significant cross-check with monetary information, when the New-Keynesian model is the central bank's preferred model. The cross-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2009/19en
dc.subject.jelE32en
dc.subject.jelE41en
dc.subject.jelE43en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordMonetary Policyen
dc.subject.keywordNew-Keynesian Modelen
dc.subject.keywordMoneyen
dc.subject.keywordQuantity Theoryen
dc.subject.keywordEuropean Central Banken
dc.subject.keywordPolicy Under Uncertaintyen
dc.subject.stwGeldpolitiken
dc.subject.stwZentralbanken
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwZinsen
dc.subject.stwUngleichgewichtstheorieen
dc.titleMoney in monetary policy design: Monetary cross-checking in the New-Keynesian Model-
dc.typeWorking Paperen
dc.identifier.ppn610758462en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200919en

Datei(en):
Datei
Größe
282.94 kB





Publikationen in EconStor sind urheberrechtlich geschützt.