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The implications of structural asymmetries for monetary policy and welfare in a small open economy: a linear quadratic framework
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SYSNO ASEP 0319876 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Ostatní články Title The implications of structural asymmetries for monetary policy and welfare in a small open economy: a linear quadratic framework Title Dopady strukturální asymetrie pro monetární rozhodování a bohatství v malé otevřené ekonomice: lineárně kvadratický přístup Author(s) Rychalovska, Yuliya (NHU-N) RID Source Title CERGE-EI Working Paper Series - ISSN 1211-3298
-, č. 380 (2008), s. 1-56Number of pages 56 s. Publication form www - www Language eng - English Country CZ - Czech Republic Keywords DSGE models ; non-traded goods ; optimal monetary policy Subject RIV AH - Economics R&D Projects LC542 GA MŠMT - Ministry of Education, Youth and Sports (MEYS) CEZ AV0Z70850503 - NHU-N (2005-2011) Annotation The paper analyzes optimal monetary strategy and policy trade-offs in a DSGE model of an open economy with traded and non-traded sectors. We approximate the utility of the repre- sentative consumer to obtain a micro-founded quadratic loss function of the form extensively used for monetary policy assessment. The central bank‘s optimal strategy is computed and optimal and simple policy rules compared according to the derived welfare measure. Workplace Economics Institute Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2009
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