Supply-side effects of monetary policy and the central bank’s objective function

dc.contributor.authorAraújo, Eurilton
dc.coverage.cidadeSão Paulopt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorAraújo, Eurilton
dc.date.accessioned2023-07-14T03:10:38Z
dc.date.available2023-07-14T03:10:38Z
dc.date.issued2008
dc.description.otherThis paper considers a new Keynesian model with the cost channel and evaluates the supply-side e§ects of monetary policy on macroeco nomic volatility and welfare, taking into account the endogenous na ture of the objective function of monetary authorities. When the cost channel matters, supply-side e§ects of monetary policy depend on the degree of interest rate pass-through and the degree of price rigidity. Numerical results show that the welfare consequences of an increase in the degree of interest rate pass-through are independent of how the central bank speciÖes its loss function. By contrast, the welfare conse quences of an increase in price rigidity depend critically on the nature of the loss function considered. Macroeconomic volatility as a func tion of the pass-through is almost independent of the central bankís loss function. In contrast, this volatility as a function of the degree of price rigidity depends more on the nature of the loss function.pt_BR
dc.format.extent21 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueWPE 123/2008
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5775
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.publisherIBMEC São Paulopt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsmonetary policypt_BR
dc.subject.keywordsinterest income taxationpt_BR
dc.subject.keywordsdiscretionpt_BR
dc.titleSupply-side effects of monetary policy and the central bank’s objective functionpt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeWorking Paperpt_BR
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