Monetary Policy and Hysteresis in Potential Output

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Show simple item record Kienzler, Daniel de_DE Schmid, Kai Daniel de_DE 2013-04-25 de_DE 2014-03-18T10:04:09Z 2013-04-25 de_DE 2014-03-18T10:04:09Z 2013 de_DE
dc.identifier.other 381609413 de_DE
dc.identifier.uri de_DE
dc.description.abstract We show that actively stabilizing economic activity plays a more prominent role in the conduct of monetary policy when potential output is subject to hysteresis. We augment a basic New Keynesian model by hysteresis in potential output and contrast simulation outcomes of this extended model to the standard model. We find that considering hysteresis allows for a more realistic propagation of macroeconomic shocks and persistent movements in output after monetary shocks. Our central policy implication of active output gap stabilization arises from stability analyses and welfare considerations. en
dc.language.iso en de_DE
dc.publisher Universität Tübingen de_DE
dc.rights ubt-podok de_DE
dc.rights.uri de_DE
dc.rights.uri en
dc.subject.classification Geldpolitik de_DE
dc.subject.ddc 330 de_DE
dc.subject.other Monetary Policy , Hysteresis , Potential Output , Output Gap Mismeasurement en
dc.title Monetary Policy and Hysteresis in Potential Output en
dc.type ResearchPaper de_DE
utue.publikation.fachbereich Wirtschaftswissenschaften de_DE
utue.publikation.fakultaet 6 Wirtschafts- und Sozialwissenschaftliche Fakultät de_DE
dcterms.DCMIType Text de_DE
utue.publikation.typ workingPaper de_DE 6799 de_DE
utue.publikation.source University of Tübingen Working Papers in Economics and Finance ; 55 de_DE


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