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Monetary Shocks and Inflation Dynamics in the New Keynesian Model

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  • Dellas, Harris

Abstract

This paper demonstrates that imperfect information and gradual learning is a plausible and promising mechanism for generating realistic inflation and output dynamics in the standard new Keynesian model.

Suggested Citation

  • Dellas, Harris, 2006. "Monetary Shocks and Inflation Dynamics in the New Keynesian Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(2), pages 543-551, March.
    • Handle: RePEc:mcb:jmoncb:v:38:y:2006:i:2:p:543-551
    DOI: 10.1353/mcb.2006.0030
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    Cited by:

    1. Tsuruga, Takayuki, 2007. "The hump-shaped behavior of inflation and a dynamic externality," European Economic Review, Elsevier, vol. 51(5), pages 1107-1125, July.
    2. Fabrice Collard & Harris Dellas, 2010. "Monetary Misperceptions, Output, and Inflation Dynamics," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(2-3), pages 483-502, March.
    3. Collard, Fabrice & Dellas, Harris & Smets, Frank, 2009. "Imperfect information and the business cycle," Journal of Monetary Economics, Elsevier, vol. 56(S), pages 38-56.
    4. Stephen G. Hall & George Hondroyiannis & P. A. V. B. Swamy & G. S. Tavlas, 2009. "The New Keynesian Phillips Curve and Lagged Inflation: A Case of Spurious Correlation?," Southern Economic Journal, John Wiley & Sons, vol. 76(2), pages 467-481, October.
    5. Grishchenko, Olesya V., 2011. "Asset pricing in the production economy subject to monetary shocks," Journal of Economics and Business, Elsevier, vol. 63(3), pages 187-216, May.
    6. Givens, Gregory E. & Salemi, Michael K., 2015. "Inferring monetary policy objectives with a partially observed state," Journal of Economic Dynamics and Control, Elsevier, vol. 52(C), pages 190-208.
    7. Collard, Fabrice & Dellas, Harris, 2006. "Misperceived Money and Inflation Dynamics," IDEI Working Papers 424, Institut d'Économie Industrielle (IDEI), Toulouse.
    8. Hondroyiannis, George & Swamy, P.A.V.B. & Tavlas, George S., 2008. "Inflation dynamics in the euro area and in new EU members: Implications for monetary policy," Economic Modelling, Elsevier, vol. 25(6), pages 1116-1127, November.
    9. Wenli Cheng & Simon D. Angus, 2012. "The Cantillon Effect of Money Injection through Deficit Spending," Monash Economics Working Papers 12-12, Monash University, Department of Economics.

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