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We study optimal monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each firm. We find that, in contrast with the standard NK model, the Ramsey dynamics implies deviation from full inflation targeting in response to technology and government spending shocks, while the optimal operational rule is backward looking and responds to inflation and output deviations from their long-run levels

Optimal monetary policy in a New Keynesian model with endogenous growth

ROSSI, LORENZA
2013-01-01

Abstract

We study optimal monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each firm. We find that, in contrast with the standard NK model, the Ramsey dynamics implies deviation from full inflation targeting in response to technology and government spending shocks, while the optimal operational rule is backward looking and responds to inflation and output deviations from their long-run levels
2013
Economics covers resources in a broad range of specialties, including theoretical, political, and agricultural economics, macroeconomics and econometrics. Also included are business and finance resources.
JOURNAL OF MACROECONOMICS
sì
Esperti anonimi
Internazionale
STAMPA
Forthcoming
http://www.sciencedirect.com/science/article/pii/S0164070413001687
2
info:eu-repo/semantics/article
262
Annicchiarico, B.; Rossi, Lorenza
1 Contributo su Rivista::1.1 Articolo in rivista
none
1.1 Articolo in rivista
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11571/761032
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