Similar Search Results

What accounts for the changes in U.S. fiscal policy transmission?

Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - European Central Bank - 2006

within a DSGE model featuring price rigidities and limited asset market participation. Specifically, we estimate the …

Persistent link: https://www.econbiz.de/10005344962

Asset prices, collateral and unconventional monetary policy in a DSGE model

Hilberg, Björn; Hollmayr, Josef - European Central Bank - 2011

In this paper we set up a New-Keynesian model that features an interbank market. The introduction of an interbank market is important to analyze liquidity problems among heterogenous agents within the financial sector. First, because this allows for a situation where increased liquidity supply...

Persistent link: https://www.econbiz.de/10009276056

Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation

de Walque, Gregory; Pierrard, Olivier; Sneessens, Henri; … - European Central Bank - 2009

We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers’ bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...

Persistent link: https://www.econbiz.de/10005002791

The elusive welfare economics of price stability as a monetary policy objective: why New Keynesian central bankers should validate core inflation

Buiter, Willem H. - European Central Bank - 2006

established for the class of DSGE models with nominal rigidities for which they have been proposed by Woodford and others. JEL …

Persistent link: https://www.econbiz.de/10005530728

International transmission and monetary policy cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - European Central Bank - 2008

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10005530745

Involuntary unemployment and the business cycle

Christiano, Lawrence; Trabandt, Mathias; Walentin, Karl - European Central Bank - 2010

integrate the model into a medium sized DSGE model with capital and show that the resulting model does as well as existing …

Persistent link: https://www.econbiz.de/10008587762

Putting the New Keynesian DSGE model to the real-time forecasting test

Kolasa, Marcin; Rubaszek, Michał; Skrzypczyński, Paweł - European Central Bank - 2009

-time forecasts from a richly-specified DSGE model to those from the Survey of Professional Forecasters, Bayesian VARs and VARs using … priors from a DSGE model. We show that the analyzed DSGE model is relatively successful in forecasting the US economy in the … BVARs and DSGE-VARs. Compared to the SPF, the DSGE model generates better output forecasts at longer horizons, but less …

Persistent link: https://www.econbiz.de/10008458417

A note on identification patterns in DSGE models

Andrle, Michal - European Central Bank - 2010

This paper comments on selected aspects of identification issues of DSGE models. It suggests the singular value …

Persistent link: https://www.econbiz.de/10008484243

Financial stability challenges in EU candidate countries - Financial systems in the aftermath of the global crisis

ESCB, An IRC expert group of the - European Central Bank - 2010

This paper reviews financial stability challenges in the EU candidate countries: Croatia, the former Yugoslav Republic of Macedonia and Turkey. It follows a macro-prudential approach, emphasising systemic risks and the stability of financial systems as a whole. The paper recalls that the...

Persistent link: https://www.econbiz.de/10008539904

Analysing banking sector conditions - how to use macro-prudential indicators

Mörttinen, Leena; Poloni, Paolo; Sandars, Patrick; … - European Central Bank - 2005

This paper presents the methodological and statistical framework for macro-prudential analysis of the financial condition of the EU banking sector that has been adopted by the European System of Central Banks (ESCB). The framework is also a central component of broader financial stability...

Persistent link: https://www.econbiz.de/10005162869