Showing 1 - 8 of 8
We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary … following a cut in labor or corporate income taxes in a small and large open economy. We analyze the sensitivity of the results …
Persistent link: https://www.econbiz.de/10014399890
This working paper presents a comprehensive overview of the theoretical structure of the Global Integrated Monetary and Fiscal Model (GIMF), a multi-region dynamic general equilibrium model that is used by the IMF for a variety of tasks including policy analysis, risk analysis, and surveillance
Persistent link: https://www.econbiz.de/10014402511
, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings …
Persistent link: https://www.econbiz.de/10014402816
Persistent link: https://www.econbiz.de/10013424457
Stochastic simulations are employed to compare performance of monetary policy rules in linear and nonlinear variants of a small macro model with NAIRU uncertainity under different assumptions about the way inflation expectations are formed. Cases in which policy credibility is ignored or treated...
Persistent link: https://www.econbiz.de/10014403818
the economy to overheat periodically will be forced to impose large recessions on the economy to keep inflation under …
Persistent link: https://www.econbiz.de/10014398146
Using data on long-term interest rates for 17 industrial countries, this paper develops some simple measures of monetary policy credibility and then tests if such measures improve the out-of-sample forecasts of conventional models of the inflation-unemployment process. The results provide some...
Persistent link: https://www.econbiz.de/10014399723
Using stochastic simulations and stability analysis, the paper compares how different monetary rules perform in a moderately nonlinear model with a time-varying nonaccelerating-inflation-rate-of-unemployment (NAIRU). Rules that perform well in linear models but implicitly embody backward-looking...
Persistent link: https://www.econbiz.de/10014400173