文章基本信息

标题：Econometric Policy Evaluation in a Two Sector Model
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作者：Yong-Jae Choi
期刊名称：Journal of Economic Research
印刷版ISSN：1226-4261
出版年度：2013
卷号：18
期号：1
页码：55-77
出版社：Hanyang Economic Research Institute
摘要：This paper estimates a New-Keynesian structural model and evaluates alternative monetary policy regimes. An estimated two sector model and alternative policy regimes are used to calculate the optimal monetary policy frontier. The structural model that consists of two sectors: durable and nondurable, is estimated by the Full Information Maximum Likelihood (FIML) method. Given the structure of the economy and discretionary monetary policy regimes, we nd that changes in monetary policy responses to aggregate or disaggregate in ation and output gap can imply substantial dierences in long-run in ation and output variances. More importantly, this paper shows that in terms of monetary policy frontier, monetary policy could have been more eective if the central bank had focused on sectoral stabilization as opposed to traditional stabilization.
关键词：Monetary policy frontier; FIML; Optimal monetary;policy; Two sector model