Monetary policy analysis in a new keynesian model
Fecha
2020Director
Versión
Acceso abierto / Sarbide irekia
Tipo
Trabajo Fin de Grado/Gradu Amaierako Lana
Impacto
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nodoi-noplumx
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Resumen
The present paper is an initiation to research, in which the aim is to learn about the basic
methodologies for the business cycle and monetary policy analysis in a dynamic
macroeconomic model. First, the equations of a New Keynesian (sticky-price) model are
presented, based on the rational behavior of households, firms and the Central Bank. All the
equations undergo a log-linearization proces ...
[++]
The present paper is an initiation to research, in which the aim is to learn about the basic
methodologies for the business cycle and monetary policy analysis in a dynamic
macroeconomic model. First, the equations of a New Keynesian (sticky-price) model are
presented, based on the rational behavior of households, firms and the Central Bank. All the
equations undergo a log-linearization process, allowing to solve and simulate the initially nonlinear model through Matlab and Dynare. Once the model is solved, the effects of three
different shocks to technology, household preferences and inflation are examined by
displaying the corresponding impulse-response functions. The work ends with a proposal
for an optimal monetary policy for the Central Bank and a comparative analysis of its
economic consequences. The criterion of optimality chosen is that of maximizing household
welfare. [--]
Materias
New Keynesian model,
Business cycle analysis,
Monetary policy
Titulación
Graduado o Graduada en Economía por la Universidad Pública de Navarra /
Ekonomian Graduatua Nafarroako Unibertsitate Publikoan