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Persistent link: https://www.econbiz.de/10000838778
"This paper develops a new approach to change-point modeling that allows for an unknown number of change points in the observed sample. Our model assumes that regime durations have a Poisson distribution. The model approximately nests the two most common approaches: the time-varying parameter...
Persistent link: https://www.econbiz.de/10002521761
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Persistent link: https://www.econbiz.de/10001752001
The empirical DSGE (dynamic stochastic general equilibrium) literature pays surprisingly little attention to the behavior of the monetary authority. Alternative policy rule specifications abound, but their relative merit is rarely discussed. We contribute to filling this gap by comparing the fit...
Persistent link: https://www.econbiz.de/10009292979
The effects of asset purchase programs on macroeconomic variables are likely to be moderate. We reach this conclusion after simulating the impact of the Federal Reserve’s second large-scale asset purchase program (LSAP II) in a DSGE model enriched with a preferred habitat framework and...
Persistent link: https://www.econbiz.de/10009395290
Remarks at the University of Chicago Booth School of Business Annual U.S. Monetary Policy Forum, New York City.
Persistent link: https://www.econbiz.de/10010724932
Remarks at Queens College, Flushing, New York.
Persistent link: https://www.econbiz.de/10010724945
Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.
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Remarks at United States Military Academy at West Point, West Point, New York.
Persistent link: https://www.econbiz.de/10010724961