Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/27676 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Economics Working Paper No. 2008-21
Verlag: 
Kiel University, Department of Economics, Kiel
Zusammenfassung: 
This paper compares the welfare effects of anticipated and unanticipated cost-push shocks in the canonical New Keynesian model with optimal monetary policy. We find that, for empirically plausible degrees of nominal rigidity, the anticipation of a future cost-push shock leads to a higher welfare loss than an unanticipated shock. A welfare gain from the anticipation of a future cost shock may only occur if prices are sufficiently flexible. We analytically show that this surprising result holds although unanticipated shocks lead to higher negative impact effects on welfare than anticipated shocks.
Schlagwörter: 
Anticipated Shocks
Optimal Monetary Policy
Sticky Prices
Welfare Analysis
JEL: 
E52
E32
E31
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
636.61 kB





Publikationen in EconStor sind urheberrechtlich geschützt.