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Quasi-Monte Carlo methods in stochastic simulations : an application to fiscal policy simulations using an aggregate disequilibrium model of the West German economy 1960 - 1994

Franz, Wolfgang (contributor) - 1998

Different stochastic simulation methods are used in order to check the robustness of the outcome of policy simulations … possible margin. Because of nonlinearities confidence intervals for the simulation results have to be obtained by means of … stochastic simulations. The main contribution of this paper consists in presenting the simulation results. The robustness of …

Persistent link: https://www.econbiz.de/10000654506

Quasi-Monte Carlo methods in stochastic simulations : an application to fiscal policy simulations using an aggregate disequilibrium model of the West German economy 1960-1994

Franz, Wolfgang; Göggelmann, Klaus; Schellhorn, Martin; … - 1998

Persistent link: https://www.econbiz.de/10011441040

Data uncertainty and the role of money as an information variable for monetary policy

Coenen, Günter; Levin, Andrew T.; Wieland, Volker - 2003

In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices, and money, and find that monetary aggregates have a potentially significant...

Persistent link: https://www.econbiz.de/10009765349

A small estimated euro area model with rational expectations and nominal rigidities

Coenen, Günter; Wieland, Volker - 2003

In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor...

Persistent link: https://www.econbiz.de/10009765350

The Performance and Robustness of Interest-Rate Rules in Models of the Euro Area

Adalid, Ramón; Coenen, Günter; McAdam, Peter; … - 2021

In this paper, we examine the performance and robustness of optimised interest-rate rules in four models of the euro area which differ considerably in terms of size, degree of aggregation, relevance of forward-looking behavioural elements and adherence to micro-foundations. Our findings are...

Persistent link: https://www.econbiz.de/10013318602

Inflation Dynamics and International Linkages : A Model of the United States, the Euro Area and Japan

Coenen, Günter; Wieland, Volker - 2021

In this paper we estimate a small macroeconometric model of the United States, the euro area and Japan with rational expectations and nominal rigidities due to staggered contracts. Comparing three popular contracting specifications we find that euro area and Japanese inflation dynamics are best...

Persistent link: https://www.econbiz.de/10013320199

A Small Estimated Euro Area Model with Rational Expectations and Nominal Rigidities

Coenen, Günter; Wieland, Volker - 2021

Persistent link: https://www.econbiz.de/10013320311

Inequality and the Covid crisis in the United Kingdom

Blundell, Richard W.; Dias, Mónica Costa; Cribb, Jonathan - 2022

We review the effects on the Covid-19 pandemic on inequalities in education, the labour market, household living standards, mental health, and wealth in the UK. The pandemic has pushed up inequalities on several dimensions. School closures particular disrupted the learning of poorer children,...

Persistent link: https://www.econbiz.de/10012802900

Migratory movements in a disequilibrium macroeconometric model for West Germany

Franz, Wolfgang; Oser, Ursula; Winker, Peter - 1993

. Extending the model until 1995 a Simulation experiment concerning this inflow is carried out, too. The upshot of the econometric …

Persistent link: https://www.econbiz.de/10009743278

Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment

Coenen, Günter; Montes-Galdón, Carlos; Schmidt, Sebastian - 2021

The secular decline in the equilibrium real interest rate observed over the past decades has materially limited the room for policy-rate reductions in recessions, and has led to a marked increase in the incidence of episodes where policy rates are likely to be at, or near, the effective lower...

Persistent link: https://www.econbiz.de/10012613426