Monetary Policy Rules in a New Keynesian Euro Area Model
构建了一个校准后拟合欧元区宏观数据的新凯恩斯模型，评估不同货币政策规则的稳定性，发现一个对价格通胀、工资通胀和前期利率做出反应的简单规则能较好逼近最优政策。
The first part of this paper is devoted to describe a New Keynesian model, which, after calibration, shows a great fit on Euro area macroeconomic data. Then, the stabilizing properties of alternative monetary policy rules are evaluated for consideration of the European Central Bank (ECB). Our main finding is that a simple rule that provides the reaction of the nominal interest rate to price inflation, wage inflation, and its previous observation can fairly well approximate the optimal monetary policy. This result is robust to including an ECB preference on interest‐rate smoothing.