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Optimal sticky prices under rational inattention
Maćkowiak, Bartosz; Wiederholt, Mirko - 2009
information flow. When idiosyncratic conditions are more variable or more important than aggregate conditions, firms pay more …
Persistent link: https://www.econbiz.de/10011605055
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Optimal Sticky Prices under Rational Inattention
Maćkowiak, Bartosz - 2009
information flow. When idiosyncratic conditions are more variable or more important than aggregate conditions, firms pay more …
Persistent link: https://www.econbiz.de/10012765187
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Rational Inattention : A Review
Maćkowiak, Bartosz; Matějka, Filip; Wiederholt, Mirko - 2021
agents cannot process all available information, but they can choose which exact pieces of information to attend to. Several … important results in economics have been built around imperfect information. Nowadays, many more forms of information than ever … before are available due to new technologies, and yet we are able to digest little of it. Which form of imperfect information …
Persistent link: https://www.econbiz.de/10013222707
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Bayesian and adaptive optimal policy under model uncertainty
Svensson, Lars E. O.; Williams, Noah - 2006
includes an experimentation component reflecting the endogeneity of information. We develop algorithms to solve numerically for …
Persistent link: https://www.econbiz.de/10010298360
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The elusive welfare economics of price stability as a monetary policy objective: why New Keynesian central bankers should validate core inflation
Buiter, Willem H. - 2006
whether nominal price and/or wage rigidities are due to New-Keynesian, Old-Keynesian or sticky-information Phillips curves …
Persistent link: https://www.econbiz.de/10011604655
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On implications of micro price data for macro models
Maćkowiak, Bartosz; Smets, Frank - 2008
discuss ideas that promise to deliver macro models matching the impulse responses seen in macro data while being broadly in …
Persistent link: https://www.econbiz.de/10011605006
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Granger-causal-priority and choice of variables in vector autoregressions
Jarociński, Marek; Maćkowiak, Bartosz - 2013
A researcher is interested in a set of variables that he wants to model with a vector auto-regression and he has a dataset with more variables. Which variables from the dataset to include in the VAR, in addition to the variables of interest? This question arises in many applications of VARs, in...
Persistent link: https://www.econbiz.de/10011605645
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Capital flows to Emerging Markets: Liberalization, Overshooting, and Volatility
Bacchetta, Philippe; van Wincoop, Eric - 1998
, if investors have incomplete information about new emerging markets, and learn over time, there can be high volatility of …
Persistent link: https://www.econbiz.de/10011430001
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Financial Liberalization and Volatility in Emerging Market Economies
Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit - 1998
The recent East Asian crisis has highlighted the relationship between financial development and output volatility. In this essay we develop a simple model of a small open economy producing a tradeable good using a non-tradeable input and where firms access to borrowings and investment depends on...
Persistent link: https://www.econbiz.de/10011430002
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Does Exchange Rate Stability Increase Trade and Capital Flows?
Bacchetta, Philippe; van Wincoop, Eric - 1998
We develop a simple general equilibrium framework to study the effect of the exchange rate system on trade and welfare. An important feature of the model is deviations from purchasing power parity, caused by rigid price setting in buyers' currency. We find the following. First, exchange rate...
Persistent link: https://www.econbiz.de/10011430004