期刊名称：Discussion Paper Series / Universität Heidelberg, Department of Economics
出版年度：2012
卷号：2012
出版社：Universität Heidelberg, Department of Economics
摘要：In a simple New Keynesian model, we derive a closed form solution for the in.ation-gap persistence parameter as a function of the policy weights in the central bank'sTaylor rule. By estimating the time-varying weights that the FED attaches toin.ation and the output gap, we show that the empirically observed changes inU.S. in.ation-gap persistence during the period 1975 to 2010 can be well explainedby changes in the conduct of monetary policy. Our findings are in line with Be-nati's (2008) view that in.ation persistence should not be considered a structuralparameter in the sense of Lucas
关键词：in.ation-gap persistence; Great Moderation; monetary policy; New Keyne-;sian model; Taylor rule
