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Frameworks for the Theoretical and Empirical Analysis of Monetary Policy
Frameworks for the Theoretical and Empirical Analysis of Monetary Policy
This thesis develops and applies three different frameworks to analyse monetary policy from a theoretical and empirical perspective within three self-contained chapters. Chapter 2 looks at optimal monetary policy in the modern micro-founded New Keynesian macroeconomic model, while chapter 3 offers an empirical investigation of monetary policy in the euro area. The final chapter 4 combines a microeconomic model of liquidity shocks on an asset market that includes features of market microstructure theory with a model of the goods market inspired by nominal rigidities as common in macroeconomic models. All three chapters are connected by the prominent role of different policy rules.
Policy rules, timeless perspective, Taylor rule, liquidity provision principle, European Central Bank
Sauer, Stephan
2007
English
Universitätsbibliothek der Ludwig-Maximilians-Universität München
Sauer, Stephan (2007): Frameworks for the Theoretical and Empirical Analysis of Monetary Policy. Dissertation, LMU München: Faculty of Economics
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Abstract

This thesis develops and applies three different frameworks to analyse monetary policy from a theoretical and empirical perspective within three self-contained chapters. Chapter 2 looks at optimal monetary policy in the modern micro-founded New Keynesian macroeconomic model, while chapter 3 offers an empirical investigation of monetary policy in the euro area. The final chapter 4 combines a microeconomic model of liquidity shocks on an asset market that includes features of market microstructure theory with a model of the goods market inspired by nominal rigidities as common in macroeconomic models. All three chapters are connected by the prominent role of different policy rules.