Persistent Stochastic Shocks in a New Keynesian Model with Uncertai...
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Persistent Stochastic Shocks in a New Keynesian Model with Uncertainty

Tobias Kranz


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The book introduces the New Keynesian framework, historically through a literature overview and through a step-by-step derivation of a New Keynesian Phillips curve, an intertemporal IS curve, and a targeting rule for the central bank. This basic version is then expanded by introducing cost and demand shocks and uncertainty. The latter enters the model via second order Taylor approximation instead of linearization. Bringing all equations together results in an equilibrium condition which is simulated with a wide range of parameter values, including possible crisis scenarios. The author finds that accounting for uncertainty – regarding growth and inflation expectations – can lead to lower nominal interest rates set by the central bank.

About the book
Author
Tobias  Kranz
Imprint
Springer Gabler
Collection
BestMasters
Publication date
2016-09-27
Pages
72 pages
Print ISBN
9783658156381
Language
English
Ebook informations
EAN PDF
9783658156398
Price
£44.99
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Copy count 0
Print count 7
File size 1812 Ko
Ce livre est accessible aux handicaps   Informations accessibility
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Defaut-Illustration Tobias Kranz

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