Technology Shocks and Monetary Policy: Revisiting the Fed's Performance
研究美国经济对永久性技术冲击的动态反应，如果美联储的货币政策是最优的，这些反应是否会不同。通过结构VAR和粘性价格-粘性工资模型，比较实际反应与最优政策结果。
Would the U.S. economy's dynamic response to permanent technology shocks have been different from the actual responses if monetary authorities' systematic response to these shocks had been optimal? To answer this question, we characterize the dynamic effects of permanent technology shocks and the way in which U.S. monetary authorities reacted to these shocks over the sample 1955(1)–2002(4) using a structural VAR. A sticky price–sticky wage model is developed and estimated to reproduce these responses. We then formally compare these responses with the outcome of the optimal monetary policy.