著者

井田 大輔

出版者

桃山学院大学総合研究所

雑誌

桃山学院大学経済経営論集 = ST.ANDREW'S UNIVERSITY ECONOMIC AND BUSINESS REVIEW (ISSN:02869721)

巻号頁・発行日

vol.60, no.4, pp.19-45, 2019-02-15

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This paper surveys the objective of monetary policy based on the newKeynesian model (NKM). The standard NKM is supported by a microfoundationof structural equations in contrast to the traditional Keynesianmodel. Therefore, in the analysis of optimal monetary policy, the centralbank’s loss function must be supported by its micro-foundation. In theNKM, the loss function is derived from a second-order approximation of thehousehold’s utility function. More specifically, the objective of monetarypolicy aims at stabilizing both inflation and the output gap in the standardNKM. However, the standard NKM has often been criticized, because itsstructure fails to explain actual economic dynamics. Previous studies showthat the shape of the central bank’s loss function is modified in accordancewith a change in a given economic structure. This paper focuses on therelationship between such an economic structural change and the shape ofthe central bank’s loss function, derived in the corresponding model.