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Persistent stochastic shocks in a new Keynesian model with uncertainty

Kranz, Tobias - 2016

be derived by quadratic approximation. This leaves uncertainty in the basic three-equation model. After adding exogenous … AR(1) processes, I examine the results by numerical simulation. First, I derive a reduced-form solution for the nominal …, impulse response functions show the adjustments over time after a cost shock. As a result, accounting for uncertainty can lead …

Persistent link: https://www.econbiz.de/10011479496

Uncovered interest parity with foreign exchange interventions under exchange rate peg and inflation targeting: The case of Ukraine

Grui, Anton - 2020

In this study, I modify the uncovered interest parity condition to account for foreign exchange interventions in the context of a small open economy. This is done in a framework of a semistructural New Keynesian model. I examine the case of Ukraine, which de facto transitioned to inflation...

Persistent link: https://www.econbiz.de/10012429367

Transitory interest-rate pegs under imperfect credibility

Harrison, Richard John; Haberis, Alex; Waldron, Matt - Centre for Macroeconomics (CFM) - 2014

In this paper we show that the macroeconomic effects of a transient interestrate peg can be significantly dampened when the peg is perceived to be imperfectly credible by the private sector. By doing so, we provide a solution to what has become known as the "forward guidance puzzle". This is the...

Persistent link: https://www.econbiz.de/10011185833

Lumpy Investment and Monetary Policy : A Comparative Analysis in a DSGE New-Keynesian Framework

Coco, Alberto - 2014

This paper analyses the theoretical and policy implications of assuming firm-specific lumpy investment behaviour by firms and compares such implications to those occurring when adopting different investment specifications in a new-Keynesian framework. We develop numerical simulations of the...

Persistent link: https://www.econbiz.de/10013059715

Testing the monetary policy rule in the US : a reconsideration of the Fed's behaviour

Minford, Patrick; Ou, Zhirong - 2009

Keynesian model ; the "target rule" ; Taylor-type rules ; Bootstrap simulation ; VAR ; Indirect inference ; Wald statistic …

Persistent link: https://www.econbiz.de/10003882196

The New Keynesian approach to dynamic general equilibrium modeling : models, methods, and macroeconomic policy evaluation

Schmidt, Sebastian; Wieland, Volker - 2012

whether particular policy recommendations are robust to model uncertainty. Such robustness analysis is illustrated by …

Persistent link: https://www.econbiz.de/10010391304

Uncovered interest parity with foreign exchange interventions under exchange rate peg and inflation targeting : the case of Ukraine

Grui, Anton - 2020

Persistent link: https://www.econbiz.de/10012262254

Ramsey Optimal Policy in the New-Keynesian Model with Public Debt

Chatelain, Jean-Bernard; Ralf, Kirsten - 2020

In the discrete-time new-Keynesian model with public debt, Ramsey optimal policy eliminates the indeterminacy of simple-rules multiple equilibria between the fiscal theory of the price level versus new-Keynesian versus an unpleasant equilibrium. If public debt volatility is taken into account...

Persistent link: https://www.econbiz.de/10014104493

Stability and Identification with Optimal Macroprudential Policy Rules

Chatelain, Jean-Bernard - 2014

This paper investigates the identification, the determinacy and the stability of ad hoc, "quasi-optimal" and optimal policy rules augmented with financial stability indicators (such as asset prices deviations from their fundamental values) and minimizing the volatility of the policy interest...

Persistent link: https://www.econbiz.de/10013055547

Stability and identification with optimal macroprudential policy rules

Chatelain, Jean-Bernard; Ralf, Kirsten - 2014 - Preprint

Persistent link: https://www.econbiz.de/10010378907