Technology Shocks and Monetary policy: Assessing the Fed's Performance

The purpose of the present paper is twofold. First, we characterize de Fed's systematic response to technology shocks and its implications for US output, hours and inflation. Second we evaluate the extent to which that responses can be accounted for by a simple monetary policy rule in the context of a standard business cycle model with sticky prices.

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Year of publication:	2000
Authors:	Galí, Jordi ; López-Salido, David ; Vallés, Javier
Institutions:	Banco de España
Subject:	monetary policy \| technological change \| inflation

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Extent:	application/pdf
Series:	Banco de España Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 0013 22 pages
Classification:	E31 - Price Level; Inflation; Deflation ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; O33 - Technological Change: Choices and Consequences; Diffusion Processes
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005590706