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Calibrating the equilibrium condition of a New Keynesian model with uncertainty

Kranz, Tobias - In: Review of economics 68 (2017) 2, pp. 117-151

Persistent link: https://www.econbiz.de/10011943970

Calibrating the Equilibrium Condition of a New Keynesian Model with Uncertainty

Kranz, Tobias - In: Review of Economics 68 (2017) 2, pp. 117-151

Abstract: This paper presents a theoretical analysis of the simulated impact of uncertainty in a New Keynesian model …. In order to incorporate uncertainty, the basic three-equation framework is modified by higher-order approximation … shock, I find interest rates in the version with uncertainty to be lower in contrast to the case under certainty. …

Persistent link: https://www.econbiz.de/10014619347

Chapter 22. The New Keynesian Approach to Dynamic General Equilibrium Modeling: Models, Methods and Macroeconomic Policy Evaluation

Schmidt, Sebastian; Wieland, Volker - In: Handbook of computable general equilibrium modeling : …, (pp. 1439-1512). 2013

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

Persistent link: https://www.econbiz.de/10014025269

Testing the Monetary Policy Rule in the US: a Reconsideration of the Fed’s Behaviour

Minford, Patrick; Ou, Zhirong - C.E.P.R. Discussion Papers - 2009

We calibrate a standard New Keynesian model with three alternative representations of monetary policy- an optimal timeless rule, a Taylor rule and another with interest rate smoothing- with the aim of testing which if any can match the data according to the method of indirect inference. We find...

Persistent link: https://www.econbiz.de/10008491715

Can we identify the Fed's preferences?

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

Using US data, we estimate optimal policy with a probability below one that the Fed reneges on its commitment ("limited credibility") versus discretionary policy where the Fed reneges on its commitment at all periods with a probability equal to one ("zero credibility"). The transmission...

Persistent link: https://www.econbiz.de/10011695111

Hopf bifurcation from new-Keynesian Taylor rule to Ramsey optimal policy

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

This paper compares different implementations of monetary policy in a new-Keynesian setting. We can show that a shift from Ramsey optimal policy under short-term commitment (based on a negative feedback mechanism) to a Taylor rule (based on a positive feedback mechanism) corresponds to a Hopf...

Persistent link: https://www.econbiz.de/10011695130

Inequality and the Zero Lower Bound

Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - National Bureau of Economic Research - 2023

This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully non-linear stochastic...

Persistent link: https://www.econbiz.de/10014287383

Monetary policy in a small open economy with fixed exchange rate: The case of Macedonia

Jovanovic, Branimir; Petreski, Marjan - In: Economic Systems 36 (2012) 4, pp. 594-608

This paper empirically applies the New Keynesian model for monetary policy analysis in a small open economy with a fixed exchange rate. Official reserves are included in the interest rate rule to account for the constraint that these impose on monetary policy when the exchange rate is fixed....

Persistent link: https://www.econbiz.de/10010593955

Confidence and financial crisis in a post-Keynesian stock flow consistent model

Heron, Edwin Le - In: European Journal of Economics and Economic Policies: … 8 (2011) 2, pp. 361-387

The paper aims at showing that one of the main channels by which the US 2007 financial crisis became a real and global economic crisis is the 'confidence channel', i.e. that the financial crisis affected firms, banks and householdsâ€™ expectations and confidence, thus leading to what they...

Persistent link: https://www.econbiz.de/10011133327

Doves for the rich, hawks for the poor? : distributional consequences of monetary policy

Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2016

We build a New Keynesian business-cycle model with rich household heterogeneity. A central feature is that matching frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of households prefer substantial stabilization of...

Persistent link: https://www.econbiz.de/10011563007

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