Essays on information frictions in macroeconomics
This dissertation consists of three chapters related to questions in macroeconomics and information frictions. In the first chapter, I relax the complete information assumption in the standard New Keynesian framework to show how the stance of monetary policy can affect the non-fundamental compositio...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2019 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/668416 |
| Acceso en línea: | http://hdl.handle.net/10803/668416 |
| Access Level: | acceso abierto |
| Palabra clave: | Macroeconomics Macroeconomía Inflation Inflación 33 |
| Sumario: | This dissertation consists of three chapters related to questions in macroeconomics and information frictions. In the first chapter, I relax the complete information assumption in the standard New Keynesian framework to show how the stance of monetary policy can affect the non-fundamental composition of fluctuations, introducing a novel trade-off between stabilizing output and inflation. A strong response to inflation increases the variance of non-fundamental fluctuations. In the second chapter, I study the opti-mal design of monetary policy in the presence of nominal and informational frictions. Non-fundamental fluctuations are shown to be suboptimal. The Taylor rule is no longer sufficient to rule out indeterminacy. Instead, a more lax response to inflation eliminates non-fundamental fluctuations and hence the output-inflation tradeoff. In the third chap-ter, I provide evidence that shocks to sentiments and uncertainty as identified in the literature are correlated and may not be truly structural. |
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