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• W1557864856 abstract "In this paper I search for an optimal configurations of parameters forvariants of the Taylor rule by using an Accurate Second-Order Welfare based method withina fully microfounded Dynamic Stochastic model, with price rigidities, without capital accu-mulation. Money is inserted via a transaction cost function, price rigidities are modelledvia quadratic cost of price adjustment. A version of the model with distortionary taxation isalso explicitly tested. The model is solved up to Second Order solution. Optimal rules areobtained by maximizing a conditional welfare measure, differently from what has been donein the current literature. Optimal monetary policy functions turn out to be characterized byinflation targeting parameter lower than in empirical studies. In general, the optimal valuesfor moentary policy parameters depend from the degree of nominal rigidities and from the roleof fiscal policy. When nominal rigidities are higher, optimal monetary policy becomes moreaggressive towards inflation. With a tigther fiscal policy, optimal monetary policy turns out tobe less inflation-aggressive. Moreover, the results show that relying conditional welfare mea-sure avoids the problems related with first-order or unconditional welfare measures. ImpulseResponse functions based on second order model solution show a non-a¢ ne pattern when theeconomy is hit by shocks of different magnitude." @default.
• W1557864856 created "2016-06-24" @default.
• W1557864856 creator A5067711804 @default.
• W1557864856 date "2004-06-01" @default.
• W1557864856 modified "2023-09-27" @default.
• W1557864856 title "Optimal monetary policy in a simple distorted economy" @default.
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• W1557864856 doi "https://doi.org/10.6092/unibo/amsacta/1549" @default.
• W1557864856 hasPublicationYear "2004" @default.
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