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Monetary Policy and the Distribution of Money and Capital
Molico, Miguel; Zhang, Yahong - Society for Computational Economics - SCE - 2006
. Capital goods are assumed to be type-specific and traded in a centralized market. Uninsurable idiosyncratic uncertainty in … assets, in particular, capital. In this paper we present a model where the optimal portfolio allocation decision of agents is … explicitly modeled. Trade frictions in a decentralized consumption goods market give rise to an endogenous role for money …
Persistent link: https://www.econbiz.de/10005537421
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Bayesian Estimation of Total Investment Expenditures For Romanian Economy using DYNARE
Ratto, Marco; Girardi, Riccardo - Society for Computational Economics - SCE - 2004
In this paper we present the first estimation results of total investment expenditure for the Romanian economy, applying the Bayesian estimation approach of DSGE models presented in a number of various papers appeared recently in the open literature. The procedure requires the linear...
Persistent link: https://www.econbiz.de/10005537625
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Caution or Activism? Monetary Policy Strategies in an Open Economy
Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - Society for Computational Economics - SCE - 2006
We examine optimal policy in an open-economy model with uncertainty and learning, where monetary policy actions affect the economy through the real exchange rate channel. Our results show that the degree of caution or activism in optimal policy depends on whether central banks are in coordinated...
Persistent link: https://www.econbiz.de/10005342876
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Monetary Policy with Heterogeneous Agents and Credit Constraints
Algan, Yann; Ragot, Xavier - Society for Computational Economics - SCE - 2006
capital market imperfections. Unconstrained households change their financial position in front of a change in the inflation … not hold. To investigate this channel, we model capital market imperfections in a production economy following the … percent leads to a rise of 0.39 percent in aggregate capital. Moreover, the average welfare costs of inflation are much lower …
Persistent link: https://www.econbiz.de/10005342906
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An Estimated Dynamic Stochastic General Equilibrium Model of Taiwanese Economy
Teo, Wing Leong - Society for Computational Economics - SCE - 2006
In this paper, I estimate an open economy DSGE model for the Taiwanese economy. The model features multiple sources of real and nominal rigidities, including price and wage stickiness, investment and bond adjustment costs, as well as incomplete pass-through of exchange rates. Contrary to the...
Persistent link: https://www.econbiz.de/10005342909
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The effects of monetary policy shocks on flow of funds: the case of Italy
Bonci, Riccardo; Columba, Francesco - Society for Computational Economics - SCE - 2006
We study in a VAR model the effects of monetary policy shocks with new Italian flow of funds data for 1980-2002. First, our results are consistent with the literature, without being affected by commonly found puzzles. Second, new features of the transmission of monetary policy shocks to the...
Persistent link: https://www.econbiz.de/10005342911
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Monetary Policy and the Term Structure of Interest Rates
Ravenna, Federico; Seppala, Juha - Society for Computational Economics - SCE - 2006
We study how well a New Keynesian business cycle model can explain the observed behavior of nominal interest rates. We focus on two puzzles raised in previous literature. First, Donaldson, Johnsen, and Mehra (1990) show that while in the U.S. nominal term structure the interest rates are...
Persistent link: https://www.econbiz.de/10005342933
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New Evidence on the Puzzles: Monetary Policy and Exchange Rates
Scholl, Almuth; Uhlig, Harald - Society for Computational Economics - SCE - 2006
Past empirical research on monetary policy in open economies has found the “delayed overshootingâ€, the “forward discount†and the “exchange rate†puzzles. We revisit the effects of monetary policy on exchange rates by applying Uhlig's (2005) identification procedure...
Persistent link: https://www.econbiz.de/10005342942
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Sticky Prices vs. Limited Participation:What Do We Learn From the Data?
Papadopoulou, Niki - Society for Computational Economics - SCE - 2006
The method of maximum likelihood is used to estimate a Dynamic Stochastic General Equilibrium business cycle model that combines elements of existing sticky-price and limited-participation specifications. Sticky prices are incorporated, following Rotemberg (1982), by assuming that...
Persistent link: https://www.econbiz.de/10005342973
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Simple Pricing Rules, the Phillips Curve and the Microfoundations of Inflation Persistence
Mash, Richard - Society for Computational Economics - SCE - 2005
We analyze the microfoundations of the Phillips curve, a key relationship in general macroeconomics and models of monetary policy in particular. The form in current widespread use includes both forward looking expected inflation and lagged inflation. The presence of lagged inflation is necessary...
Persistent link: https://www.econbiz.de/10005342993