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Saving and learning: Theory and evidence from saving for child's college

Zhu, Junyi - Deutsche Bundesbank - 2012

learning model. The first section develops a dynamic model combining asset accumulation and learning to explain the parents … child's ability. The model infers that, with enough time spent learning, information can improve parents' welfare. This can … investigates college saving behavior when learning is present. Data suggest pessimistic and/or rich parents might reduce the level …

Persistent link: https://www.econbiz.de/10010957083

Learning about fiscal policy and the effects of policy uncertainty

Hollmayr, Josef; Matthes, Christian - Deutsche Bundesbank - 2013

The recent crisis in the United States has often been associated with substantial amounts of policy uncertainty. In this paper we ask how uncertainty about fiscal policy affects the impact of fiscal policy changes on the economy when the government tries to counteract a deep recession. The...

Persistent link: https://www.econbiz.de/10010957088

Public debt and changing inflation targets

Krause, Michael U.; Moyen, Stéphane - Deutsche Bundesbank - 2013

What are the effects of a higher central bank inflation target on the burden of real public debt? Several recent proposals have suggested that even a moderate increase in the inflation target can have a pronounced effect on real public debt. We consider this question in a New Keynesian model...

Persistent link: https://www.econbiz.de/10010957089

Genetic learning as an explanation of stylized facts of foreign exchange markets

Lux, Thomas; Schornstein, Sascha - Deutsche Bundesbank - 2002

equilibrium dynamics resulting from this learning process helps to explain the main stylized facts of free-floating exchange rates … the number of agents (not more than about 1000). With a larger population, this collective learning dynamics looses its …

Persistent link: https://www.econbiz.de/10005083146

Learning on the quick and cheap: gains from trade through imported expertise

Markusen, James R.; Rutherford, Thomas F. - Deutsche Bundesbank - 2005

experts and the learning (or "absorptive") capacity of the domestic economy. …

Persistent link: https://www.econbiz.de/10005083301

The timing and magnitude of exchange rate overshooting

Hoffmann, Mathias; Søndergaard, Jens; Westelius, Niklas J. - Deutsche Bundesbank - 2007

Empirical evidence suggests that a monetary shock induces the exchange rate to overshoot its long-run level. The estimated magnitude and timing of the overshooting, however, varies across studies. This paper generates delayed overshooting in a new Keynesian model of a small open economy by...

Persistent link: https://www.econbiz.de/10005083321

Exchange rate dynamics, expectations, and monetary policy

Chen, Qianying - Deutsche Bundesbank - 2011

This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...

Persistent link: https://www.econbiz.de/10009283654

The term structure of interest rates and the macroeconomy: Learning about economic dynamics from a FAVAR

Halberstadt, Arne - Deutsche Bundesbank - 2015

econometric learning scheme as proposed by Laubach, Tetlow, and Williams (2007) in the estimation and compare the results to those … form their expectations according to the learning approach. …

Persistent link: https://www.econbiz.de/10011161229