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Analyzing structural reforms using a behavioral macroeconomic model
De Grauwe, Paul; Ji, Yuemei - 2017
We use a behavioral macroeconomic model to analyze how structural reforms affect the economy in the short and in the … second one raises potential output in the economy. We find that structural reforms that increase the flexibility of wages and … rigid economy. Finally, we analyze how structural reforms change the tradeoffs between output and inflation variability. Our …
Persistent link: https://www.econbiz.de/10011663556
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Animal spirits and fiscal policy
De Grauwe, Paul; Foresti, Pasquale - 2018
Persistent link: https://www.econbiz.de/10012110057
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Animal spirits and the international transmission of business cycles : presented at CESifo Area Conference on Macro, Money & International Finance, February 2016
De Grauwe, Paul; Ji, Yuemei - 2016
replicated in standard open economy macroeconomic models without assuming that the exogenous shocks hitting these countries are …
Persistent link: https://www.econbiz.de/10011444133
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Fighting inflation more effectively without transferring central banks' profits to banks
De Grauwe, Paul; Ji, Yuemei - 2023
The major central banks now operate in a regime of abundance of bank reserves. As a result, they can only raise the money market rate by increasing the rate of remuneration of bank reserves. This, in turn, leads to large transfers of the central banks' profits (and more) to commercial banks that...
Persistent link: https://www.econbiz.de/10014422581
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Monetary policy and radical uncertainty
De Grauwe, Paul; Ji, Yuemei - 2024
In a world of radical uncertainty the frequency distributions of economic variables deviate from the normal distribution and typically exhibit fat tails. We show that this feature is obtained in simple models where agents have cognitive limitations and fail to understand the underlying model....
Persistent link: https://www.econbiz.de/10014517948
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Structural reforms and monetary policies in a behavioural macroeconomic model
De Grauwe, Paul; Ji, Yuemei - 2017
Persistent link: https://www.econbiz.de/10011741641
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Monetary policy in EMU when the transmission is asymmetric and uncertain
De Grauwe, Paul; Sénégas, Marc-Alexandre - 2003
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data.We find that the uncertainty about the transmission process increases the need to take into account information about...
Persistent link: https://www.econbiz.de/10011506467
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Animal spirits and monetary policy
De Grauwe, Paul (contributor) - 2008
We develop a behavioral macroeconomic model in which agents use simple but biased rules to forecast future output and inflation. This model generates endogenous waves of optimism and pessimism ("Animal Spiritsʺ) that are generated by the correlation of biased beliefs. We contrast the dynamics...
Persistent link: https://www.econbiz.de/10003763301
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On the use of current or forward-looking data in monetary policy : a behavioural macroeconomic approach
De Grauwe, Paul; Ji, Yuemei - 2021
We analyse the use of current and forward-looking data in the setting of monetary policy (Taylor rule). We answer the question of whether the use of forward-looking data is to be preferred over the use of current data. We use a behavioural macroeconomic model that generates periods of...
Persistent link: https://www.econbiz.de/10012420886
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The European Central Bank : decision rules and macroeconomic performance
De Grauwe, Paul - 1999
Persistent link: https://www.econbiz.de/10013422716