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Actual and perceived monetary policy rules in a dynamic equilibrium model of the euro area

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  • Kortelainen, Mika

Abstract

We present a dynamic general equilibrium model with some nominal rigidities and calibrate it to euro area data.The most important features of the model include consumption/saving decisions according to Blanchard's stochastic lifetimes approach; valuation of private financial wealth according to the present value of capital income; overlapping Calvo wage contracts in the labour market; and a neoclassical supply side with Cobb-Douglas technology.The model is developed for use in analysing differences between perceived and actual monetary policy rules, which is then done as a means of evaluating the macroeconomic benefits of credibility in monetary policy.General properties of the model are analysed with a variety of simulation experiments.

Suggested Citation

  • Kortelainen, Mika, 2001. "Actual and perceived monetary policy rules in a dynamic equilibrium model of the euro area," Bank of Finland Research Discussion Papers 3/2001, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp2001_003
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