Please use this identifier to cite or link to this item:
https://hdl.handle.net/10316/11739
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Alexandre, Fernando | - |
dc.contributor.author | Bação, Pedro | - |
dc.contributor.author | Gabriel, Vasco | - |
dc.date.accessioned | 2009-10-16T10:04:45Z | - |
dc.date.available | 2009-10-16T10:04:45Z | - |
dc.date.issued | 2008 | - |
dc.identifier.citation | Estudos do GEMF. 2 (2008) | en_US |
dc.identifier.uri | https://hdl.handle.net/10316/11739 | - |
dc.description.abstract | We analyse the effect of uncertainty concerning the state and the nature of asset price movements on the optimal monetary policy response. Uncertainty is modeled by adding Markov-switching shocks to a DSGE model with capital accumulation. In our analysis we consider both Taylor-type rules and optimal policy. Taylor rules have been shown to provide a good description of US monetary policy. Deviations from its implied interest rates have been associated with risks of financial disruptions. Whereas interest rates in Taylor-type rules respond to a small subset of information, optimal policy considers all state variables and shocks. Our results suggest that, when a bubble bursts, the Taylor rule fails to achieve a soft landing, contrary to the optimal policy. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | FEUC. Grupo de Estudos Monetários e Financeiros | en_US |
dc.rights | openAccess | en_US |
dc.subject | Asset Prices | en_US |
dc.subject | Monetary Policy | en_US |
dc.subject | Markov Switching | en_US |
dc.title | Taylor-type rules versus optimal policy in a Markov-switching economy | en_US |
dc.type | workingPaper | en_US |
uc.controloAutoridade | Sim | - |
item.openairecristype | http://purl.org/coar/resource_type/c_18cf | - |
item.openairetype | workingPaper | - |
item.cerifentitytype | Publications | - |
item.grantfulltext | open | - |
item.fulltext | Com Texto completo | - |
item.languageiso639-1 | en | - |
crisitem.author.researchunit | Group for Monetary and Financial Studies | - |
crisitem.author.researchunit | CeBER – Centre for Business and Economics Research | - |
crisitem.author.orcid | 0000-0002-3340-1068 | - |
Appears in Collections: | FEUC- Vários |
Files in This Item:
File | Description | Size | Format | |
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Taylor-type rules versus optimal policy.pdf | 439.83 kB | Adobe PDF | View/Open |
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