Technology shocks in the new Keynesian model
By: Peter N. Ireland.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10309; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10309.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "In the New Keynesian model, preference, cost-push, and monetary shocks all compete with the real business cycle model's technology shock in driving aggregate fluctuations.  A version of this model, estimated via maximum likelihood, points to these other shocks as being more important for explaining the behavior of output, inflation, and interest rates in the postwar United States data.  These results weaken the links between the current generation of New Keynesian models and the real business cycle models from which they were originally derived.  They also suggest that Federal Reserve officials have often faced difficult trade-offs in conducting monetary policy"--National Bureau of Economic Research web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/26/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.