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American Economic Journal: Macroeconomics: Vol. 5 No. 2 (April 2013)

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Is There a Trade-Off between Inflation and Output Stabilization?

Article Citation

Justiniano, Alejandro, Giorgio E. Primiceri, and Andrea Tambalotti. 2013. "Is There a Trade-Off between Inflation and Output Stabilization?" American Economic Journal: Macroeconomics, 5(2): 1-31.

DOI: 10.1257/mac.5.2.1

Abstract

We find that the answer is no in an estimated DSGE model of the US economy in which exogenous movements in workers' market power are not a major driver of observed economic fluctuations. If they are, the tension between the conflicting stabilization objectives of monetary policy increases, but with negligible effects on the equilibrium behavior of the economy under optimal policy. (JEL E12, E23, E24, E31, E32, E52)

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Authors

Justiniano, Alejandro (Federal Reserve Bank of Chicago)
Primiceri, Giorgio E. (Northwestern U)
Tambalotti, Andrea (Federal Reserve Bank of New York)

JEL Classifications

E12: General Aggregative Models: Keynes; Keynesian; Post-Keynesian
E23: Macroeconomics: Production
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
E31: Price Level; Inflation; Deflation
E32: Business Fluctuations; Cycles
E52: Monetary Policy

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