رسالة جامعية
Essays on the Liquidity Trap, Oil Shocks, and the Great Moderation
| العنوان: | Essays on the Liquidity Trap, Oil Shocks, and the Great Moderation |
|---|---|
| المؤلفون: | Nakov, Anton |
| المساهمون: | Galí, Jordi, Universitat Pompeu Fabra. Departament d'Economia i Empresa |
| المصدر: | TDX (Tesis Doctorals en Xarxa) |
| بيانات النشر: | Universitat Pompeu Fabra |
| سنة النشر: | 2011 |
| المجموعة: | Tesis Doctorals de la Universitat d'Andorra (TDX) |
| مصطلحات موضوعية: | choques del petróleo, discreción, reglas simples, compromiso, política monetaria optima, deflación, trampa de liquidez, ocasionalmente vinculante, oil share, restricción de non-negatividad, Great Moderation, inflation-output tradeoff, dominant firm, OPEC, oil shocks, discretion, simple rules, commitment, OPEP, optimal monetary policy, liquidity trap, deflation, occasionally binding constraint, zero lower bound, empresa dominante, conflicto inflación-output, Gran Moderación |
| الوقت: | 33 |
| الوصف: | The thesis studies three distinct issues in monetary economics using a common dynamic general equilibrium approach under the assumptions of rational expectations and nominal price rigidity. The first chapter deals with the so-called "liquidity trap" - an issue which was raised originally by Keynes in the aftermath of the Great Depression. Since the nominal interest rate cannot fall below zero, this limits the scope for expansionary monetary policy when the interest rate is near its lower bound. The chapter studies the conduct of monetary policy in such an environment in isolation from other possible stabilization tools (such as fiscal or exchange rate policy). In particular, a standard New Keynesian model economy with Calvo staggered price setting is simulated under various alternative monetary policy regimes, including optimal policy. The challenge lies in solving the (otherwise linear) stochastic sticky price model with an explicit occasionally binding non-negativity constraint on the nominal interest rate. This is achieved by parametrizing expectations and applying a global solution method known as "collocation". The results indicate that the dynamics and sometimes the unconditional means of the nominal rate, inflation and the output gap are strongly affected by uncertainty in the presence of the zero lower bound. Commitment to the optimal rule reduces unconditional welfare losses to around one-tenth of those achievable under discretionary policy, while constant price level targeting delivers losses which are only 60% larger than under the optimal rule. On the other hand, conditional on a strong deflationary shock, simple instrument rules perform substantially worse than the optimal policy even if the unconditional welfare loss from following such rules is not much affected by the zero lower bound per se. The second thesis chapter (co-authored with Andrea Pescatori) studies the implications of imperfect competition in the oil market, and in particular the existence of a welfare-relevant trade-off between ... |
| نوع الوثيقة: | doctoral or postdoctoral thesis |
| وصف الملف: | application/pdf |
| اللغة: | English |
| ردمك: | 978-84-691-4441-1 84-691-4441-3 |
| العلاقة: | http://www.tdx.cat/TDX-0513108-163712Test; http://hdl.handle.net/10803/7360Test; B.9515-2008 |
| الإتاحة: | http://hdl.handle.net/10803/7360Test http://www.tdx.cat/TDX-0513108-163712Test |
| حقوق: | ADVERTIMENT. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs. ; info:eu-repo/semantics/openAccess |
| رقم الانضمام: | edsbas.A6A9969F |
| قاعدة البيانات: | BASE |
| ردمك: | 9788469144411 8469144413 |
|---|