Dynamic specifications in optimizing trend-deviation macro models

被引:25
作者
Kozicki, S
Tinsley, PA
机构
[1] Fed Reserve Bank Kansas City, Kansas City, MO 64198 USA
[2] Univ Cambridge, Fac Econ & Polit, Cambridge CB3 9DD, England
关键词
new Keynesian macro models; optimizing IS; Phillips curve; time-varying term premiums;
D O I
10.1016/S0165-1889(01)00086-0
中图分类号
F [经济];
学科分类号
02 ;
摘要
As noted in surveys by Goodfriend and King (In: B. Bernanke, J, Rotemberg (Eds.), NBER Macroeconomics Annual, MIT Press, Cambridge, MA, 1997, pp. 231-283) and Walsh (Monetary Theory and Policy, MIT Press, Cambridge, MA) and exemplified by models analyzed in Taylor (1999), there is encouraging progress in developing optimizing trend-deviation macro models that provide useful insights into the transmission and design of monetary policy. Several controversial features of a minimalist trend-deviation model, with optimizing households, firms, and bond traders, are examined. Dynamic specifications are suggested to improve the data-based realism, while preserving the simplicity, of the minimalist model. (C) 2002 Elsevier Science B.V. All rights reserved.
引用
收藏
页码:1585 / 1611
页数:27
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