Monetary Policy and New-Keynesian Macroeconomics.

摘要

New-Keynesian Dynamic Stochastic General Equilibrium (DSGE) models are important tools for analyzing modern monetary economics and policy. The genre of the New-Keynesian DSGE model is divided into two broad categories. These are, (i) the sticky price New-Keynesian DSGE model and (ii) the sticky information New-Keynesian DSGE model. My dissertation is a contribution to this rapidly growing literature, where I have analyzed some important issues of modern monetary economics and policy through the New-Keynesian DSGE models.;Monetary policy determines money supply and short-term nominal interest rate of an economy. It is one of the important policy tools of the government to influence economic outcomes. Literature suggests, monetary policy affects only nominal variables (price level, nominal wage rate, nominal interest rate, nominal exchange rate) in the longrun and both nominal and real variables (real GDP, real interest rate, unemployment rate) in the shortrun. Since monetary policy has such a pervasive impact on economic outcomes both in the shortrun and longrun, announcements of monetary authority are closely monitored by people of various segments like financial market participants, media and also common people. As a result, a careful analysis of monetary policy is important.;In doing so, the dissertation is organized in seven Sections. Section 1 gives a short introduction of my work. A generalized algorithm for solving the sticky information New-Keynesian DSGE model under Taylor rule is given in Section 2. Section 3 analyzes the sticky price New-Keynesian DSGE model and proposes a robust alternative monetary policy to combat liquidity trap under Taylor rule. An analysis of optimum monetary policy under Taylor rule in a sticky price model is given in Section 4. Section 5 analyzes the implication of conditional policy commitment in a liquidity trap. Moreover, while Section 2 to Section 4 uses the principle of rational expectation, Section 4 uses the principle of non-rational expectation/adaptive learning to analyze monetary policy. Beside these, Section 6 gives the references and Section 7 provides mathematical derivations of some important results as appendix of Section 2, Section 3, Section 4 and Section 5.