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The New Keynesian model: the backward-looking case

In: Optimal Monetary Policy under Uncertainty, Second Edition

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Chapter 12 completes Part 2 with an analysis of the backward-looking Phillips Curve speciï¬ cation of the model considered by Ball (1999a, 1999b) and others. We look at optimal monetary policy issues in both an open and a closed-economy version of the model. The purpose of discussing policy design in an alternative framework is to highlight the importance of factors such as lags in the transmission mechanism of monetary policy, persistence, and the absence of rational expectations framework in affecting decision rules and the behavior of key macroeconomic variables.

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  • ., 2019. "The New Keynesian model: the backward-looking case," Chapters, in: Optimal Monetary Policy under Uncertainty, Second Edition, chapter 12, pages 270-297, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16504_12
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    Cited by:

    1. Lim, Guanie & Li, Chen & Adi Syailendra, Emirza, 2021. "Why is it so hard to push Chinese railway projects in Southeast Asia? The role of domestic politics in Malaysia and Indonesia," World Development, Elsevier, vol. 138(C).

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