Optimal monetary policy in a New Keynesian model with endogenous growth

Annicchiarico, B. and Rossi, L. (2013) Optimal monetary policy in a New Keynesian model with endogenous growth. Journal of Macroeconomics, 38 (Part B). pp. 274-285. ISSN 0164-0704

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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.

Item Type:
Journal Article
Journal or Publication Title:
Journal of Macroeconomics
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/2000/2002
Subjects:
ID Code:
160492
Deposited By:
Deposited On:
08 Oct 2021 12:55
Refereed?:
Yes
Published?:
Published
Last Modified:
08 Oct 2021 12:55