Do The New Keynesian Microfoundations Rationalise Stabilisation Policy ?  

Oleh:

Kreiner, Claus Thustrup

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 112 no. 479 (2002), page 384-401.
Topik: KEYNESIAN; keynesian; micro foundation; rationalise; stabilisation policy
Fulltext: 384.pdf (165.18KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.7 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Systematic monetary policy is analysed in a two - period extension of standard, static New Keynesian models. It is shown that countercyclical policies increase the band of inaction of the price setters, and that this feedback effect on price rigidity may make such policies 'self - justifying'; that is, the policies themselves cause the fluctuations that they are stabilising. Moreover, counter cyclical policies may, in general, reduce welfare. In fact, socially optimal policies may very well involve a commitment to enhance shocks.

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