Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/135453
Title: ESSAYS ON MONETARY POLICY
Authors: ZHAO JUNZHU
Keywords: Targeting frameworks, Optimal monetary policy, Robust monetary policy, Labor market frictions, Optimal targeting rule, Search and matching frictions
Issue Date: 20-Jan-2017
Source: ZHAO JUNZHU (2017-01-20). ESSAYS ON MONETARY POLICY. ScholarBank@NUS Repository.
Abstract: Chapter 1 analyses the welfare implications of different monetary policy strategies in the empirically validated business cycle model of Smets and Wouters under commitment and discretion. Once the preferences do not coincide with each other, discretionary policies that target the price-level or the change in the output gap outperform the standard loss function. Chapter 2 investigates optimal monetary policy when the policymaker considers both a model with search and matching frictions in the labor market and a model with sticky nominal wages to be good approximations of the true data-generating process. When monetary policy reflects uncertainty over the true model, wage inflation stabilization features importantly as long as the policymaker assigns a moderate probability to the sticky wage model. Chapter 3 discusses aspects of the optimal monetary policy in a New Keynesian model with search and matching frictions.
URI: http://scholarbank.nus.edu.sg/handle/10635/135453
Appears in Collections:Ph.D Theses (Open)

Show full item record
Files in This Item:
File Description SizeFormatAccess SettingsVersion 
ZhaoJZ.pdf5.33 MBAdobe PDF

OPEN

NoneView/Download

Page view(s)

38
checked on Jan 13, 2018

Download(s)

29
checked on Jan 13, 2018

Google ScholarTM

Check


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.