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Monetary Policy and Business Cycle Analysis in an Optimising Model with Expectations Lags
Paez-Farrell, Juan - EconWPA - 2003
Monetary models of the business cycle often neglect the importance of investment and the capital stock in the monetary … transmission mechanism. Most of the recent literature assumes either investment adjustment costs or ignores capital altogether … firms face a planning period before undertaking investment expenditures. The resulting model is able to replicate some of …
Persistent link: https://www.econbiz.de/10005412707
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Estimation of Some Omani Macroeconomic Parameters - A Discussion
Rao, Ananth - EconWPA - 2003
The captioned article was earlier published in “Economic Horizons” volume 18, #72 – AH 1418 – 1997 (4) Pages (65-78). I had some concerns about the article regarding the methodology adopted for analysis in deriving the macroeconomic parameters and the derivation and interpretation of...
Persistent link: https://www.econbiz.de/10005561154
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Investment-Saving Comovement and Capital Mobility: Evidence from Century Long U.S. Time Series
Levy, Daniel - EconWPA - 2005
This paper makes three contributions: First, I construct annual time series of gross domestic investment and national …-run bivariate relationship between the time series of investment and saving. Third, I also examine the short-run as well as the … cyclical relationships between the time series of investment and saving. The results reported in this paper indicate that there …
Persistent link: https://www.econbiz.de/10005408170
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The conditions for a Sustainable U.S. Recovery: The Role of Investment
Arestis, Philip; Karakitsos, Elias - EconWPA - 2003
The anemic U.S. economic recovery and the threat of a double-dip recession stem from the weakness of investment, due to ….e., the all-time-high indebtedness in the face of falling asset prices) are preventing investment from picking up and are …
Persistent link: https://www.econbiz.de/10005408108
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A calibrated structural model of the Czech economy
Hlédik, Tibor - EconWPA - 2004
The paper presents a structural model framework for a small open economy. The model, based on optimising households and firms, has been calibrated on Czech macroeconomic data in order to develop an analytic framework suitable for analysing key policy questions related to the Czech Republic’s...
Persistent link: https://www.econbiz.de/10005076689
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Monetary Policy in the Euro Area - Lessons from the First Years
Clausen, Volker; Hayo, Bernd - EconWPA - 2002
This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation of economic structure prior to EMU with current ECB...
Persistent link: https://www.econbiz.de/10005076690
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Asymmetric Monetary Policy Effects in EMU
Hayo, Bernd; Clausen, Volker - EconWPA - 2002
This paper uses a semi-structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. A system of equations containing reaction functions for monetary policy, output and inflation equations is simultaneously estimated for France, Germany, and Italy. Extensive...
Persistent link: https://www.econbiz.de/10005126264
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Assessing Financial Vulnerability in Partially Dollarized Economies
Moron, Eduardo; Castro, Juan F.; Winkelried, Diego - EconWPA - 2004
exchange rate, when assessing financial vulnerability. If we asses vulnerability in terms of the evolution of investment, we …
Persistent link: https://www.econbiz.de/10005408161
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Monetary policy and the term structure of interest rates in a small open economy - a model framework approach
Kotlán, Viktor - EconWPA - 2001
Using a simple single-equation approach, many studies have shown that the term structure of interest rates or its approximation – the term spread is a potentially useful indicator of future inflation and/or future real economic activity. We argue that these results may be biased due to the...
Persistent link: https://www.econbiz.de/10005412662
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Optimal discretionary monetary policy in the open economy: Choosing between CPI and domestic inflation as target variables
Guender, Alfred V. - EconWPA - 2004
In open economy, a choice can be made between two measures of inflation for use as a target variable: CPI inflation or domestic inflation. This paper considers flexible and strict inflation targeting strategies and explores the circumstances under which a domestic inflation target is preferred...
Persistent link: https://www.econbiz.de/10005412753