Il nuovo modello di sintesi neoclassica e il meccanismo di trasmissione della politica monetaria
The new neoclassical synthesis combines ideas of Keynesian and classical economics. It involves the application of intertemporal optimization and rational expectations. These are applied to the analysis of pricing and output decisions in a Keynesian context as well to the consumption, investment and labor supply decisions proper of real business cycle models. Moreover the model supposes an endogenous monetary rule linking nominal rate of interest to inflation and output targets. In this paper we survey this new macroeconomic model and evaluate how money affect output and employment once that the instrument of monetary policy is the interest rate instead of quantity of money. Then we explain why the new synthesis cannot account for the persistent effect of monetary policy and the business cycle asymmetry
|Date of creation:||01 Jan 2004|
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- McCallum, Bennett T & Nelson, Edward, 1999.
"An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis,"
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- Bennett T. McCallum & Edward Nelson, 1997. "An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis," NBER Working Papers 5875, National Bureau of Economic Research, Inc.
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- Michael Dotsey & Robert G. King, 2005.
"Pricing, production, and persistence,"
05-4, Federal Reserve Bank of Philadelphia.
- Julio Rotemberg & Michael Woodford, 1997. "An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 297-361 National Bureau of Economic Research, Inc.
- Julio J. Rotemberg & Michael Woodford, 1998. "An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy: Expanded Version," NBER Technical Working Papers 0233, National Bureau of Economic Research, Inc.
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