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In the past decade, a new paradigm for fiscal and monetary policy analysis has emerged, combining the canonical macro model of income and wealth inequality with the New Keynesian model. These Heterogeneous-Agent New Keynesian ("HANK") models feature new transmission channels and allow for the...
Persistent link: https://www.econbiz.de/10015072932
The Global Financial Crisis and the COVID-19 pandemic were two major shocks to the world economy in the 21st century. In this study, we analyze the patterns of recessions and recoveries of 101 advanced and developing economies. We identify the turning points of recessions and expansions between...
Persistent link: https://www.econbiz.de/10015409788
-existing development gaps in data economies on each country's production and international trade. Raw data as byproducts of consumption can …
Persistent link: https://www.econbiz.de/10014322803
We investigate the resilience of CESEE countries during ECB monetary cycles after the entrance of ten countries to the EU in 2004. Undeniably, these countries have experienced a 'miracle' growth during the 2000s decade. However, several obstacles appeared following the global financial crisis...
Persistent link: https://www.econbiz.de/10015072898
We re-examine monetary policy spillovers to Emerging Market Economies (EME) in the form of capital flow reversals, using sectoral-level securities holdings data for Euro Area investors. In response to a surprise monetary tightening, active investors such as investment funds re-balance their...
Persistent link: https://www.econbiz.de/10015072927
of consumption/saving decisions, thereby enriching the determinants of aggregate demand and affecting the transmission of …
Persistent link: https://www.econbiz.de/10014544789
Persistent link: https://www.econbiz.de/10014439842
Persistent link: https://www.econbiz.de/10012041683
This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic goods is realistically low, increases in energy...
Persistent link: https://www.econbiz.de/10014337777
The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of real primary surpluses. Monetary policy remains important. The central bank can set an interest rate target, which determines the path of expected inflation, while news about the...
Persistent link: https://www.econbiz.de/10013361983