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Følger ECB og Fed den ny-keynesianske grundlektie?

Author

Listed:
  • Heinig, Christian Hilligsøe

    (Danske Bank)

  • Nielsen, Martin Jessen

    (Finanstilsynet)

Abstract
This article uses insights from the New-Keynesian literature on optimal monetary policy to explore whether the European Central Bank and the Federal Reserve have followed the guidelines for optimal monetary policy. The connection between theory and empirics is based on the assumption that monetary policy is conducted through an instrument rule. Using simulations of a New-Keynesian model calibrated to match the structural characteristics of Euroland and the USA, together with estimations of actual monetary policy, we show that the two central banks appear to have followed the guidelines for optimal monetary policy.

Suggested Citation

  • Heinig, Christian Hilligsøe & Nielsen, Martin Jessen, 2006. "Følger ECB og Fed den ny-keynesianske grundlektie?," Nationaløkonomisk tidsskrift, Nationaløkonomisk Forening, vol. 2006(1), pages 186-208.
    • Handle: RePEc:hhs:jdaecn:0146
    as

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    References listed on IDEAS

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    More about this item

    Keywords

    pengepolitik; nykeynesiansk;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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