Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/53772 
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dc.contributor.authorCateau, Ginoen
dc.date.accessioned2011-12-15T12:55:37Z-
dc.date.available2011-12-15T12:55:37Z-
dc.date.issued2009-
dc.identifier.pidoi:10.34989/swp-2009-8en
dc.identifier.urihttp://hdl.handle.net/10419/53772-
dc.description.abstractThis paper proposes a simple analytical method to determine the stationarity of an unnormalized variable from the solution to a normalized model i.e. a model whose variables must be expressed in relative terms or must be differenced for a solution to exist. The paper then applies the methodto answer a question of interest to policy-makers: does optimal policy under commitment lead to stationarity in the price level? Unlike Gaspar, Smets, and Vestin (2007), the paper finds that optimal policy under commitment does not lead to price level stationarity in the Smets and Wouters (2003) model.en
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2009-8en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordMonetary policy frameworken
dc.subject.stwGeldpolitiken
dc.subject.stwPreisniveaustabilitäten
dc.subject.stwTheorieen
dc.titleOptimal policy under commitment and price level stationarity-
dc.typeWorking Paperen
dc.identifier.ppn597605955en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:09-8en

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