Suche Kontakt Impressum

Institut für VWL | UnivIS | ERASMUS | QIS | Site Plan

Christian-Albrechts-Universität zu Kiel

Institut für Volkswirtschaftslehre - Department of Economics
Economics Working Papers

Economics Working Papers: Abstract 2009-01


Nummer

2009-01

Autoren

Hans-Werner Wohltmann, Roland Winkler

 

Titel

 

Rational Expectations Models with Anticipated Shocks and Optimal Policy: A General Solution Method and a New Keynesian Example
Abstract The purpose of this paper is to show how to solve linear dynamic rational expectations models with anticipated shocks by using the generalized Schur decomposition method. Furthermore, we determine the optimal unrestricted and restricted policy responses to anticipated shocks. We demonstrate our solution method by means of a micro-founded hybrid New Keynesian model and show that anticipated cost-push shocks entail higher welfare losses than unanticipated shocks of equal size.

Keywords: Anticipated Shocks, Optimal Monetary Policy, Rational Expectations, Generalized Schur Decomposition, Welfare Effects

JEL classification: C61, C63, E52

 

Links

 

weiter zum Full Text

zurück zur Übersicht