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Optimal Monetary Policy in a Model with Recursive Preferences

By Sungbae An

Abstract

This paper provides a simple and elegance approach for an empirical investigation of a model with Epstein-Zin (1989) preferences. The perturbation method implemented in Dynare is readily applicable for computation of equilibrium and welfare. A stylized new Keynesian economy with sticky prices is analyzed and optimal simple rules are accessed across various types of monetary policy rules. Keywords

Year: 2013
OAI identifier: oai:CiteSeerX.psu:10.1.1.352.6225
Provided by: CiteSeerX
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