We identify a crucial difference between the backward-ooking and
forward-looking Phillips curve concerning the real output effects
of monetary policy shocks. The backward-ooking Phillips curve
predicts a strict intertemporal trade-off in the case of monetary
shocks: a positive short-run response of output is followed by a
period in which output is below baseline and the cumulative output
effect is exactly zero. In contrast, the forward-looking model
implies a positive cumulative output effect. The empirical evidence
on the cumulated output effects of money is consistent with the
forward-looking model. We also use this method to determine the
degree of forward-looking price setting.
General
| Imprint: |
Bibliogov
|
| Country of origin: |
United States |
| Release date: |
September 2012 |
| First published: |
September 2012 |
| Authors: |
Werner Roeger
|
| Dimensions: |
246 x 189 x 1mm (L x W x T) |
| Format: |
Paperback - Trade
|
| Pages: |
26 |
| ISBN-13: |
978-1-249-45480-9 |
| Categories: |
Books >
Social sciences >
Politics & government >
General
|
| LSN: |
1-249-45480-8 |
| Barcode: |
9781249454809 |
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