新凯恩斯模型和货币政策规定(pdf 30)

Abstract
Using an empirical New-Keynesian model with optimal discretionary monetary
policy, we calibrate key parameters—the central bank’s preference parameters;
the degree of forward-looking behavior in the determination of inflation
and output; and the variances of inflation and output shocks—to match
some broad characteristics of U.S. data. Our preferred parameterizations all
imply a small concern for output stability but a large preference for interest
rate smoothing, and a small degree of forward-looking behavior in pricesetting
but a large degree of forward-looking in the determination of output.
We provide some intuition for these results and discuss their consequences for
practical monetary policy analysis.
Keywords: Interest rate smoothing, central bank objectives, forward-looking
behavior.
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