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dc.contributor.authorMaría-Dolores, Ramón
dc.contributor.authorVázquez Pérez, Jesús
dc.date.accessioned2012-02-02T12:48:13Z
dc.date.available2012-02-02T12:48:13Z
dc.date.issued2004
dc.identifier.issn1988-088X
dc.identifier.urihttp://hdl.handle.net/10810/6653
dc.descriptionPublished as article in: Journal of Economic Dynamics and Control (2008), 32(May), pp. 1466-1488.es
dc.description.abstractThis paper analyzes the performance of alternative versions of the New Keynesian monetary (NKM) model in order to replicate the comovement observed between output and inflation during the Greenspan era. Following Den Haan (2000), we analyze that comovement by computing the correlations of VAR forecast errors of the two variables at different forecast horizons. The empirical correlations obtained show a weak comovement. A simple NKM model under a standard parametrization provides a high negative comovement at any forecast horizon. However, a generalized version including habit formation and a forward-looking Taylor rule is able to mimic the observed weak comovement. The good performance of this generalized version also extends to the case in which the policymaker is committed to following an optimal contingent plan under certain parametrizations.es
dc.description.sponsorshipFinancial support from Fundación BBVA, Ministerio de Ciencia y Tecnología and Universidad del País Vasco (Spain) through projects 1/BBVA00044.321-15466, SEJ2004-04811/ECON and 9/UPV00035.321- 13511/2001, respectively, is gratefully acknowledged.es
dc.language.isoenges
dc.publisherUniversity of the Basque Country, Department of Foundations of Economic Analysis IIes
dc.relationinfo:eu-repo/grantAgreement/MCYT/SEJ2004-04811-ECON
dc.relation.ispartofseriesDFAEII 2004.05
dc.rightsinfo:eu-repo/semantics/openAccesses
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/3.0/*
dc.subjectcomovementes
dc.subjectVAR forecast errorses
dc.subjectNKM modeles
dc.subjectoptimal policyes
dc.titleThe New Keynesian Monetary Model: Does it Show the Comovement Between Output and Inflation in the U.S.?es
dc.typeinfo:eu-repo/semantics/workingPaperes
dc.rights.holderAttribution-NonCommercial-ShareAlike 3.0 Unported*
dc.subject.jelE30
dc.subject.jelE52
dc.identifier.repecRePEc:ehu:dfaeii:2004.05es
dc.departamentoesFundamentos del análisis económico IIes_ES
dc.departamentoeuEkonomia analisiaren oinarriak IIes_ES
dc.subject.categoriaMACROECONOMICS AND MONETARY ECONOMICS
dc.subject.categoriaECONOMICS, ECONOMETRICS AND FINANCE


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Attribution-NonCommercial-ShareAlike 3.0 Unported
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-ShareAlike 3.0 Unported