The source of uncertainty and optimal monetary policy
DC Field | Value | Language |
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dc.contributor.author | Cho, Daeha | - |
dc.contributor.author | Oh, Joonseok | - |
dc.date.accessioned | 2023-11-14T09:03:50Z | - |
dc.date.available | 2023-11-14T09:03:50Z | - |
dc.date.created | 2023-05-16 | - |
dc.date.issued | 2023-06 | - |
dc.identifier.issn | 0165-1765 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/192483 | - |
dc.description.abstract | We study optimal monetary policy in response to the cost-push uncertainty shock, which is a second-moment shock, in a textbook New Keynesian model. Following a cost-push uncertainty shock, optimal monetary policy faces a trade-off between output gap and inflation stabilization. This is because, even in the absence of first-moment cost-push shocks, cost-push uncertainty generates a time-varying gap between natural output and efficient output. These results contrast with those under a conventional productivity uncertainty shock, which leads to complete stabilization of the output gap and inflation. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | Elsevier B.V. | - |
dc.title | The source of uncertainty and optimal monetary policy | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Cho, Daeha | - |
dc.identifier.doi | 10.1016/j.econlet.2023.111131 | - |
dc.identifier.scopusid | 2-s2.0-85156144170 | - |
dc.identifier.wosid | 001006052900001 | - |
dc.identifier.bibliographicCitation | Economics Letters, v.227, pp.1 - 5 | - |
dc.relation.isPartOf | Economics Letters | - |
dc.citation.title | Economics Letters | - |
dc.citation.volume | 227 | - |
dc.citation.startPage | 1 | - |
dc.citation.endPage | 5 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
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 | OIL PRICE UNCERTAINTY | - |
dc.subject.keywordPlus | REAL | - |
dc.subject.keywordAuthor | Uncertainty shocks | - |
dc.subject.keywordAuthor | Optimal monetary policy | - |
dc.identifier.url | https://www.sciencedirect.com/science/article/pii/S0165176523001568?via%3Dihub | - |
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