Evaluation de la politique monétaire dans un modèle DSGE pour la zone euro

Stéphane Adjemian and Antoine Devulder

Revue française d'économie, 2011, vol. Volume XXVI, issue 1, 201-245

Abstract: This article provides a detailed description of a canonical DSGE model and presents the methods used for its estimation and simulation. Then, we conduct two monetary policy experiments using the estimated model. The first one assesses the impact on the social welfare of changes in the specification of the monetary policy rule. We show that the social welfare is significantly deteriorated if the central bank does not react to the output gap. The second exercise deals with the announcement of monetary policy decisions. We show that the central bank should not announce a temporary accommodating monetary stance after a negative productivity shock in order to curb inflationary pressures.

Date: 2011
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Working Paper: Évaluation de la politique monétaire dans un modèle DSGE pour la zone euro (2011)
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