DocumentCode
2651486
Title
Money Policy in Dynamic Stochastic General Equilibrium Models
Author
Liu, Yang ; Li, Li
Author_Institution
Sch. of Econ., Central of China Normal Univ., Wuhan
fYear
2009
fDate
1-2 Feb. 2009
Firstpage
406
Lastpage
409
Abstract
By using the quarterly data of 1996-2005 in China, we use a dynamic stochastic general equilibrium modeling framework to compare the different design of monetary policy: an interest rate feedback rule and a money growth rule. Drawing on our econometric analysis, we argue that model, closed with interest rate feedback rule comes closer to the data. The paper also suggests to incorporate the sticky price property and fiscal policy to explain the economy better.
Keywords
econometrics; economic indicators; stochastic processes; dynamic stochastic general equilibrium; econometric analysis; fiscal policy; interest rate feedback rule; monetary policy; money growth rule; sticky price property; Asia; Automatic control; Centralized control; Economic indicators; Feedback; Informatics; Macroeconomics; Microeconomics; Robotics and automation; Stochastic processes; Dynamic Stochastic General Equilibrium Model; MIU; Money Policy;
fLanguage
English
Publisher
ieee
Conference_Titel
Informatics in Control, Automation and Robotics, 2009. CAR '09. International Asia Conference on
Conference_Location
Bangkok
Print_ISBN
978-1-4244-3331-5
Type
conf
DOI
10.1109/CAR.2009.103
Filename
4777268
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