Uncertainty shocks, precautionary pricing, and optimal monetary policy
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Cho, Daeha | - |
dc.contributor.author | Han, Yoonshin | - |
dc.contributor.author | Oh, Joonseok | - |
dc.contributor.author | Rogantini Picco, Anna | - |
dc.date.accessioned | 2023-08-16T08:07:36Z | - |
dc.date.available | 2023-08-16T08:07:36Z | - |
dc.date.created | 2023-07-21 | - |
dc.date.issued | 2021-09 | - |
dc.identifier.issn | 01640704 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/189273 | - |
dc.description.abstract | Existing studies show that, in standard New Keynesian models, uncertainty shocks manifest as cost-push shocks due to the precautionary pricing channel. We study optimal monetary policy in response to uncertainty shocks when the precautionary pricing channel is operative. We show that, in the absence of real imperfections, the optimal monetary policy fully stabilizes the output gap and inflation, implying no policy trade-offs. Our result suggests that precautionary pricing matters only insofar as expected inflation is volatile. Thus, a simple Taylor rule that places high weight on inflation leads to a stabilized output gap, thereby attaining the "divine coincidence". | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | ELSEVIER | - |
dc.title | Uncertainty shocks, precautionary pricing, and optimal monetary policy | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Cho, Daeha | - |
dc.identifier.doi | 10.1016/j.jmacro.2021.103343 | - |
dc.identifier.scopusid | 2-s2.0-85111024979 | - |
dc.identifier.wosid | 000692829300009 | - |
dc.identifier.bibliographicCitation | JOURNAL OF MACROECONOMICS, v.69 | - |
dc.relation.isPartOf | JOURNAL OF MACROECONOMICS | - |
dc.citation.title | JOURNAL OF MACROECONOMICS | - |
dc.citation.volume | 69 | - |
dc.type.rims | ART | - |
dc.type.docType | 정기학술지(Article(Perspective Article포함)) | - |
dc.description.journalClass | 1 | - |
dc.description.isOpenAccess | N | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | PRICES | - |
dc.subject.keywordPlus | CALVO | - |
dc.subject.keywordAuthor | Uncertainty shocks | - |
dc.subject.keywordAuthor | Precautionary pricing | - |
dc.subject.keywordAuthor | Optimal monetary policy. | - |
dc.identifier.url | https://www.sciencedirect.com/science/article/pii/S016407042100046X?via%3Dihub | - |
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