Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/28379 
Autor:innen: 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1552
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
The literature has shown that product market frictions and firms dynamic play a crucial role in reconciling standard DSGE with several stylized facts. This paper studies optimal monetary policy in a DSGE model with sticky prices and oligopolistic competition. In this model firms' monopolistic rents induce both intra-temporal and intertemporal time-varying wedges which induce inefficient fluctuations of employment and consumption. The monetary authority faces a trade-off between stabilizing inflation and reducing inefficient fluctuations, which is resolved by using consumer price inflation as a state contingent sale subsidy. An analysis of the welfare gains of alternative rules show that targeting mark-ups and asset prices might improve upon a strict inflation targeting.
Schlagwörter: 
Product market frictions
oligopolistic competition
optimal monetary policy
JEL: 
E3
E5
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
307.57 kB





Publikationen in EconStor sind urheberrechtlich geschützt.