Is there a Trade-Off between Inflation and Output Stabilization?-Reference-Cited by-同舟云学术

Is there a Trade-Off between Inflation and Output Stabilization?

Published:2013-04-01 Issue:2 Volume:5 Page:1-31
ISSN:1945-7707
Container-title:American Economic Journal: Macroeconomics
language:en
Short-container-title:American Economic Journal: Macroeconomics

Author:

Justiniano Alejandro¹,Primiceri Giorgio E²,Tambalotti Andrea³

Affiliation:

1. Economic Research, Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, IL, 60604.

2. Department of Economics, Northwestern University, 2001 Sheridan Road, Evanston, IL 60208 and Centre for Economic Policy Research, and National Bureau of Economic Research.

3. Research and Statistics Group, Federal Reserve Bank of New York, 33 Liberty Street, New York, NY 10012.

Abstract

We find that the answer is no in an estimated DSGE model of the US economy in which exogenous movements in workers' market power are not a major driver of observed economic fluctuations. If they are, the tension between the conflicting stabilization objectives of monetary policy increases, but with negligible effects on the equilibrium behavior of the economy under optimal policy. (JEL E12, E23, E24, E31, E32, E52)

Publisher

American Economic Association

Subject

General Economics, Econometrics and Finance

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/mac.5.2.1

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