Optimal Monetary Policy and Technological Shocks in the Post-War US Business Cycle

摘要: This paper assesses the optimality of US monetary policy in face permanent technology shocks. We first identify these shocks and their effects on aggregate variables through a SVAR model by resorting to long-run restrictions. Second, we consider standard sticky price–sticky wage with optimal policy. The DSGE is estimated tested its ability replicate responses key as previously identified. Our findings suggest that one cannot reject hypothesis has been optimal, either Volcker– Greenspan or pre–Volcker periods.