A sticky-information general equilibrium model for policy analysis

A sticky-information general equilibrium model for policy analysis

Following on Keynes’s desire that economists be as useful as dentists, Lucas (1980) argues that this would amount to the following: “Our task, as I see it, is to write a FORTRAN program that will accept specific economic policy rules as ‘input’ and will generate as ‘output’ statistics describing the...

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Autor principal: Reis, Ricardo
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
Materias:
POLÍTICA ECONÓMICA
POLÍTICA MONETARIA
MODELOS ESTOCÁSTICOS
Acceso en línea:https://hdl.handle.net/20.500.12580/3752
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spelling oai-20.500.12580-37522021-04-24T11:02:59Z A sticky-information general equilibrium model for policy analysis Reis, Ricardo POLÍTICA ECONÓMICA POLÍTICA MONETARIA MODELOS ESTOCÁSTICOS Following on Keynes’s desire that economists be as useful as dentists, Lucas (1980) argues that this would amount to the following: “Our task, as I see it, is to write a FORTRAN program that will accept specific economic policy rules as ‘input’ and will generate as ‘output’ statistics describing the operating characteristics of time series we care about, which are predicted to result from these policies.” Starting with Kydland and Prescott (1982), and with Rotemberg and Woodford (1997) in the context of monetary policy, the computer program that Lucas asked for has taken the form of dynamic stochastic general equilibrium (DSGE) models. This paper follows the seminal work of Taylor (1979) in using one of these models to ask a series of hypothetical monetary policy questions. 2019-11-01T00:04:30Z 2019-11-01T00:04:30Z 2009 Artículo 978-956-7421-32-9 https://hdl.handle.net/20.500.12580/3752 eng Series on Central Banking, Analysis, and Economic Policies, no. 13 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 227-283 application/pdf Banco Central de Chile
institution Banco Central
collection Banco Central
language eng
topic POLÍTICA ECONÓMICA
POLÍTICA MONETARIA
MODELOS ESTOCÁSTICOS
spellingShingle POLÍTICA ECONÓMICA
POLÍTICA MONETARIA
MODELOS ESTOCÁSTICOS
Reis, Ricardo
A sticky-information general equilibrium model for policy analysis
description Following on Keynes’s desire that economists be as useful as dentists, Lucas (1980) argues that this would amount to the following: “Our task, as I see it, is to write a FORTRAN program that will accept specific economic policy rules as ‘input’ and will generate as ‘output’ statistics describing the operating characteristics of time series we care about, which are predicted to result from these policies.” Starting with Kydland and Prescott (1982), and with Rotemberg and Woodford (1997) in the context of monetary policy, the computer program that Lucas asked for has taken the form of dynamic stochastic general equilibrium (DSGE) models. This paper follows the seminal work of Taylor (1979) in using one of these models to ask a series of hypothetical monetary policy questions.
format Artículo
author Reis, Ricardo
author_facet Reis, Ricardo
author_sort Reis, Ricardo
title A sticky-information general equilibrium model for policy analysis
title_short A sticky-information general equilibrium model for policy analysis
title_full A sticky-information general equilibrium model for policy analysis
title_fullStr A sticky-information general equilibrium model for policy analysis
title_full_unstemmed A sticky-information general equilibrium model for policy analysis
title_sort sticky-information general equilibrium model for policy analysis
publisher Banco Central de Chile
publishDate 2019
url https://hdl.handle.net/20.500.12580/3752
work_keys_str_mv AT reisricardo astickyinformationgeneralequilibriummodelforpolicyanalysis
AT reisricardo stickyinformationgeneralequilibriummodelforpolicyanalysis
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