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American Economic Journal: Macroeconomics: Vol. 1 No. 2 (July 2009)
AEJ: Macro Volume. 1, Issue 2 | 
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AEJ: Macro Forthcoming Articles
Optimal Monetary Policy Rules in an Estimated Sticky-Information Model
Article Citation
Reis, Ricardo. 2009. "Optimal Monetary Policy Rules in an Estimated Sticky-Information Model."
American Economic Journal: Macroeconomics,
1(2): 1-28.
DOI: 10.1257/mac.1.2.1
DOI: 10.1257/mac.1.2.1
Abstract
This paper uses a dynamic stochastic general equilibrium (DSGE)
model with sticky information as a laboratory to study monetary
policy. It characterizes the model's predictions for macro dynamics
and optimal policy at prior parameters, and then uses data on
five US macroeconomic series to update the parameters and provide
an estimated model that can be used for policy analysis. The
model answers a few policy questions. How does sticky information
affect optimal monetary policy? What is the optimal interest rate
rule? What is the optimal elastic price-level targeting rule? How
does parameter uncertainty affect optimal policy? Are the conclusions
for the Euro area different? (JEL E13, E31, E43, E52)
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Authors
Reis, Ricardo (Columbia U)
JEL Classifications
E13: General Aggregative Models: Neoclassical
E31: Price Level; Inflation; Deflation
E43: Determination of Interest Rates; Term Structure of Interest Rates
E52: Monetary Policy
E31: Price Level; Inflation; Deflation
E43: Determination of Interest Rates; Term Structure of Interest Rates
E52: Monetary Policy
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