The New Keynesian model: the backward-looking case

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Chapter 12 in Optimal Monetary Policy under Uncertainty, Second Edition, 2019, pp 270-297 from Edward Elgar Publishing

Abstract: Chapter 12 completes Part 2 with an analysis of the backward-looking Phillips Curve speciï¬ cation of the model considered by Ball (1999a, 1999b) and others. We look at optimal monetary policy issues in both an open and a closed-economy version of the model. The purpose of discussing policy design in an alternative framework is to highlight the importance of factors such as lags in the transmission mechanism of monetary policy, persistence, and the absence of rational expectations framework in affecting decision rules and the behavior of key macroeconomic variables.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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