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The Central Bank's endogenous and non-linear credibility in a dynamic stochastic general equilibrium model: theory and a small computational simulation

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  • Ricardo Ramalhete Moreira

Abstract

A recent literature has analysed the Central Bank's credibility nature and determinants. In general, a Central Bank with higher credibility can implement a more efficient monetary policy, which is expressed through lower social costs in terms of volatility of relevant variables, such as output and inflation. This work aims at presenting some important features of that literature by proposing a dynamic stochastic general equilibrium model in which the monetary policy's credibility has endogenous and non-linear dynamics and its degree is important in determining the economic system performance. These elements are illustrated by a small computational experiment.

Suggested Citation

  • Ricardo Ramalhete Moreira, 2013. "The Central Bank's endogenous and non-linear credibility in a dynamic stochastic general equilibrium model: theory and a small computational simulation," International Journal of Computational Economics and Econometrics, Inderscience Enterprises Ltd, vol. 3(1/2), pages 2-13.
    • Handle: RePEc:ids:ijcome:v:3:y:2013:i:1/2:p:2-13
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    Cited by:

    1. Moreira, Ricardo Ramalhete, 2016. "Measuring the Monetary Policy’s Structural Credibility by the Expected Inflation Determinants: a Kalman Filter Approach for Brazil," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 36(2), November.

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