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The effectiveness of monetary policy : an assessment

Wen, Yi (contributor) - 2005

"When monetary policies are endogenous, the conventional VAR approach for detecting the effect of monetary policies is powerless. This paper proposes to test the implication of monetary policies along a different dimension. That implication is to exploit the policy induced exogeneity of...

Persistent link: https://www.econbiz.de/10002956722

Inflation persistence and flexible prices

Dittmar, Robert F. (contributor); … - 2003 - [Elektronische Ressource], rev

Persistent link: https://www.econbiz.de/10001941480

Comovement : it's not a puzzle

DiCecio, Riccardo (contributor) - 2005

"A defining feature of business cycles is the comovement of inputs at the sectoral level with aggregate activity. Standard models cannot account for this phenomenon. This paper develops and estimates a two-sector dynamic general equilibrium model which can account for this key regularity. My...

Persistent link: https://www.econbiz.de/10002977387

Optimal monetary policy, endogenous sticky prices, and multiplicity of equilibria

Barseghyan, Levon (contributor); … - 2005 - rev.

explain the variation across time and countries of inflation patterns. In our model's equilibrium, profit differentials … increasing in inflation. Depending on the distribution of price revision costs, if enough sticky price firms choose to revise … their prices, the monetary authority's benefit from inflation is reduced to the point that the model has a unique, low …

Persistent link: https://www.econbiz.de/10002934314

Another look at sticky prices and output persistence

Wang, Peng-fei (contributor); Wen, Yi (contributor) - 2005

"Price rigidity is the key mechanism for propagating business cycles in traditional Keynesian theory. Yet the New …

Persistent link: https://www.econbiz.de/10002956723

Sticky-price models and the natural rate hypothesis

Andrés, Javier (contributor); … - 2005

"A major criticism of standard specifications of price adjustment in models for monetary policy analysis is that they violate the natural rate hypothesis by allowing output to differ from potential in steady state. In this paper we estimate a dynamic optimizing business cycle model whose...