Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

Abstract: This article uses insights from the New-Keynesian literature on optimal monetary policy to explore whether the European Central Bank and the Federal Reserve have followed the guidelines for optimal monetary policy. The connection between theory and empirics is based on the assumption that monetary policy is conducted through an instrument rule. Using simulations of a New-Keynesian model calibrated to match the structural characteristics of Euroland and the USA, together with estimations of actual monetary policy, we show that the two central banks appear to have followed the guidelines for optimal monetary policy.

Keywords: pengepolitik; nykeynesiansk

JEL-codes: A10

Language: Danish

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