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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …
Persistent link: https://www.econbiz.de/10008727289
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Generalized Stochastic Gradient Learning
Evans, George W.; Honkapohja, Seppo; Williams, Noah - CESifo - 2005
We study the properties of generalized stochastic gradient (GSG) learning in forward-looking models. We examine how the conditions for stability of standard stochastic gradient (SG) learning both differ from and are related to E-stability, which governs stability under least squares learning. SG...
Persistent link: https://www.econbiz.de/10005406017
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Some Evolutionary Foundations for Price Level Rigidity
Saint-Paul, Gilles - CESifo - 2002
local interactions. Despite the fact that the rational expectations equilibrium (REE) is characterized by a simple pricing …
Persistent link: https://www.econbiz.de/10005051547
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Learning Stability in Economies with Heterogenous Agents
Honkapohja, Seppo; Mitra, Kaushik - CESifo - 2002
expectations equilibrium. Results are applied to the market model with supply lags and a New Keynesian model of interest rate …
Persistent link: https://www.econbiz.de/10005416506
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Long-Term Interest Rates and Public Debt Maturity
Sakalauskaite, Ieva; Beetsma, Roel; Giuliodori, Massimo - CESifo - 2013
is stronger for countries with higher average inflation or debt. …
Persistent link: https://www.econbiz.de/10010697222
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Inflation and Output Dynamics in a Model with Labor Market Search and Capital Accumulation
Heer, Burkhard; Maussner, Alfred - CESifo - 2007
rate policy helps to reconcile the inflation and output persistence with empirical observations for the US economy. We show … findings for the inflation inertia in a model with capital adjustment costs and variable capacity utilization, the output …
Persistent link: https://www.econbiz.de/10005766166
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Top Incomes, Rising Inequality, and Welfare
Lansing, Kevin J.; Markiewicz, Agnieszka - CESifo - 2012
This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. Under realistic assumptions, we find that all agents can benefit from the...
Persistent link: https://www.econbiz.de/10010877730
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Land Collateral and Labor Market Dynamics in France
Kaas, Leo; Pintus, Patrick A.; Ray, Simon - CESifo - 2014
The value of land in the balance sheet of French firms correlates positively with their hiring and investment flows. To explore the relationship between these variables, we develop a macroeconomic model with firms that are subject to both credit and labor market frictions. The value of...
Persistent link: https://www.econbiz.de/10010948812
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The Great Mortgaging: Housing Finance, Crises, and Business Cycles
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2014
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10010948836
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Leaning Against Windy Bank Lending
Melina, Giovanni; Villa, Stefania - CESifo - 2015
inflation and financial stabilization. …
Persistent link: https://www.econbiz.de/10011265258