Persistence, the transmission mechanism and robust monetary policy

In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy maker is uncertain about the degree of nominal and real persistence.

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Year of publication:	2003-08-01
Authors:	Angeloni, Ignazio ; Coenen, Günter ; Smets, Frank
Publisher:	European Central Bank
Subject:	EU-Staaten \| EU countries \| Europäische Wirtschafts- und Währungsunion \| European Economic and Monetary Union \| Geldpolitik \| Monetary Policy \| Theorie \| Theory \| Transmissionsmechanismus \| Monetary transmission

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Extent:	516096 bytes 32 p. application/pdf
Series:	Working paper series / European Central Bank ; 250
Type of publication:	Book / Working Paper
Language:	English
Classification:	E4 - Money and Interest Rates ; E5 - Monetary Policy, Central Banking and the Supply of Money and Credit ; Monetary Policy ; European Economic and Monetary Union ; EU ; Currency. Monetary policy ; Individual Working Papers, Preprints
Source:	ArchiDok

Persistent link: https://www.econbiz.de/10009635926