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Monetary policy trade-offs in an estimated open-economy DSGE model

机译：估计开放经济DSGE模型中的货币政策权衡

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摘要

This paper studies the trade-offs between stabilizing CPI inflation and alternative measures of the output gap in Ramses, the Riksbank's estimated dynamic stochastic general equilibrium (DSGE) model of a small open economy. Our main finding is that the trade-off between stabilizing CPI inflation and the output gap strongly depends on which concept of potential output in the output gap between output and potential output is used in the loss function. If potential output is defined as a smooth trend this trade-off is much more pronounced compared to the case when potential output is defined as the output level that would prevail if prices and wages were flexible.
机译：本文研究了稳定的CPI通胀与拉美西斯（Riksbank）的产出缺口替代衡量指标之间的权衡，后者是瑞典央行估计的小型开放经济体的动态随机一般均衡（DSGE）模型。我们的主要发现是，稳定CPI通胀与产出缺口之间的权衡很大程度上取决于在损失函数中使用产出与潜在产出之间的产出缺口中潜在产出的概念。如果将潜在产出定义为平稳趋势，则与将潜在产出定义为在价格和工资灵活的情况下占主导地位的产出水平的情况相比，这种权衡要明显得多。

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