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| SWD-Schlagwörter: |
| Geldpolitik , Inflationstheorie |
| Freie Schlagwörter (Englisch): |
| New-Keynesian model , monetary policy , two-pillar Phillips curve , heterogenous expectations , monetary believes |
| Institut: |
| Institut für Volkswirtschaftslehre (bis 2010) |
| DDC-Sachgruppe: |
| Wirtschaft |
| Dokumentart: |
| ResearchPaper |
| Schriftenreihe: |
| Hohenheimer Diskussionsbeiträge |
| Bandnummer: |
| 312 |
| Sprache: |
| Englisch |
| Erstellungsjahr: |
| 2009 |
| Publikationsdatum: |
| 29.07.2009 |
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| Lizenz: |
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Veröffentlichungsvertrag mit der Universitätsbibliothek Hohenheim ohne Print-on-Demand
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| Kurzfassung auf Englisch: |
| We expand a standard New-Keynesian model by allowing for a special role of money
in the inflation and expectations building process. Motivated by the two-pillar
Phillips curve, we introduce heterogeneous expectations. Thereby a fraction of
agents forms inflation expectations by observing trend money growth. We show
that in the presence of these monetary believers, contractive shocks to the economy produce smoother dynamics for inflation and output. We also find that monetary policy should follow a conventional Taylor rule with contemporaneous inflation and output data, if it is uncertain about the fraction of monetary believers. |
