Show simple item record

dc.contributor.authorFève, Patrick
dc.contributor.authorMatheron, Julien
dc.contributor.authorSahuc, Jean-Guillaume
dc.date.accessioned2014-01-23T09:15:29Z
dc.date.available2014-01-23T09:15:29Z
dc.date.issued2010
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/12493
dc.language.isoenen
dc.subjectPermanent inflation target shocksen
dc.subjectMonetary policy inertiaen
dc.subjectDSGE modelsen
dc.subjectBayesian econometricsen
dc.subject.ddc339en
dc.subject.classificationjelE31en
dc.subject.classificationjelE32en
dc.subject.classificationjelE52en
dc.titleInflation Target Shocks and Monetary Policy Inertia in the Euro Areaen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThe euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for these dynamics? To answer this question, we embed serially correlated changes in the inflation target into a DSGE model with real and nominal frictions. The formal Bayesian estimation of the model suggests that gradual changes in the inflation target have played a major role in the euro area business cycle. Counter-factual exercises show that, had monetary policy implemented its new inflation objective at a faster rate, the euro zone would have experienced more sustained growth than it actually did.en
dc.relation.isversionofjnlnameThe Economic Journal
dc.relation.isversionofjnlvol120en
dc.relation.isversionofjnlissue547en
dc.relation.isversionofjnldate2010
dc.relation.isversionofjnlpages1100-1124en
dc.relation.isversionofdoihttp://dx.doi.org/10.1111/j.1468-0297.2009.02332.xen
dc.relation.isversionofjnlpublisherWileyen
dc.subject.ddclabelMacroéconomieen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record