Three essays on the determinants of output, inflation and interest rates

Détails

Ressource 1Télécharger: BIB_R_8626.P001.pdf (3639.91 [Ko])
Etat: Public
Version: Après imprimatur
ID Serval
serval:BIB_R_8626
Type
Thèse: thèse de doctorat.
Collection
Publications
Titre
Three essays on the determinants of output, inflation and interest rates
Auteur(s)
Mertens E.
Directeur(s)
Danthine J.-P.
Détails de l'institution
Université de Lausanne, Faculté des hautes études commerciales
Adresse
Administration BFSH1, 1015 Lausanne
Statut éditorial
Acceptée
Date de publication
2007
Langue
anglais
Nombre de pages
190
Résumé
Résumé:
Output, inflation and interest rates are key macroeconomic variables, in particular for monetary policy. In modern macroeconomic models they are driven by random shocks which feed through the economy in various ways. Models differ in the nature of shocks and their transmission mechanisms. This is the common theme underlying the three essays of this thesis. Each essay takes a different perspective on the subject: First, the thesis shows empirically how different shocks lead to different behavior of interest rates over the business cycle. For commonly analyzed shocks (technology and monetary policy errors), the patterns square with standard models. The big unknown are sources of inflation persistence. Then the thesis presents a theory of monetary policy, when the central bank can better observe structural shocks than the public. The public will then seek to infer the bank's extra knowledge from its policy actions and expectation management becomes a key factor of optimal policy. In a simple New Keynesian model, monetary policy becomes more concerned with inflation persistence than otherwise. Finally, the thesis points to the huge uncertainties involved in estimating the responses to structural shocks with permanent effects.
Création de la notice
09/12/2009 11:53
Dernière modification de la notice
20/08/2019 17:30
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