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Monetary Policy Rules and Business Cycles

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  • Soyoung Kim

Abstract

Basic features of business cycle properties under both exogenous and endogenous monetary policy rules are examined in calibrated dynamic stochastic general equilibrium models with nominal rigidities (the nominal wage contract model, the monopolistic competition model with price adjustment costs and a combination of these models). The experiments show that the difference in business cycle features under exogenous and endogenous monetary policy rules is as large as the change generated by introducing nominal rigidities (and monetary disturbances). This result suggests that, for monetary business cycle research, developing a proper way to incorporate endogenous monetary policy rules may be as important as developing new transmission mechanisms of monetary policy disturbances. Copyright The editors of the "Scandinavian Journal of Economics", 2003 .

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Bibliographic Info

Article provided by Wiley Blackwell in its journal The Scandinavian Journal of Economics.

Volume (Year): 105 (2003)
Issue (Month): 2 (06)
Pages: 221-245

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Handle: RePEc:bla:scandj:v:105:y:2003:i:2:p:221-245

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Wilman Gómez & Carlos Esteban Posada, . "Un "Choque" del Activo Externo Neto y el Ciclo Económico Colombiano," Borradores de Economia 285, Banco de la Republica de Colombia.
  2. Andrew Hughes Hallett & Christian Richter, 2009. "Has there been any structural convergence in the transmission of European monetary policies?," International Economics and Economic Policy, Springer, vol. 6(2), pages 85-101, July.
  3. William T. Gavin & Benjamin D. Keen & Michael R. Pakko, 2005. "The monetary instrument matters," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 633-658.

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