Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/56774 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
IAW Diskussionspapiere No. 68
Verlag: 
Institut für Angewandte Wirtschaftsforschung (IAW), Tübingen
Zusammenfassung: 
In contrast to the present consensus view of stabilization policy, theoretical and empirical research strongly support the consideration of supply-side adjustment to pronounced variations of factor-utilization in order to trace a more realistic pattern of macroeconomic adjustment dynamics within simulation studies. Against this background, our paper seeks to illuminate the relevance of endogenous supply-side adjustment for monetary policy research. We modify a basic New Keynesian model by explicitly considering demand-side stimulus on the evolution of productive capacity and analyze stability, impulse response, and welfare issues if the central bank follows a simple monetary policy rule. Thereby, we control for the robustness of our policy implications by various states of output gap mismeasurement the central bank might be confronted with. We find that, in contrast to a basic New Keynesian Model, output gap stabilization plays a more prominent role when potential output is endogenous.
Schlagwörter: 
Monetary policy
factor-utilization
endogenous potential output
output gap mismeasurement
JEL: 
E32
E50
E52
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
439.91 kB





Publikationen in EconStor sind urheberrechtlich geschützt.