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Switching-Track after the Great Recession
Vinci, Francesca; Licandro, Omar - 2021
of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks …
Persistent link: https://www.econbiz.de/10012599194
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Switching-Track after the Great Recession
Vinci, Francesca; Licandro, Omar - 2021
of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks …
Persistent link: https://www.econbiz.de/10013224093
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Appropriate fiscal policy over the business cycle: Proper stimulus policies can work
Graves, Philip E. - 2010
Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10010270872
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Indebted Demand
Mian, Atif R. - 2020
We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation that borrowers and savers differ in their marginal...
Persistent link: https://www.econbiz.de/10012836950
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Q-Targeting in New Keynesian Models
Heer, Burkhard; Maussner, Alfred; Ruf, Halvor - 2016
We consider optimal monetary policy in a model that integrates credit frictions in the standard New Keynesian model with sticky prices and wages as well as adjustment costs of capital. Different from traditional models with credit frictions such as Carlstrom and Fuerst (1998), the model is able...
Persistent link: https://www.econbiz.de/10011451472
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Reasons for the Demise of Interest: Savings Glut and Secular Stagnation or Central Bank Policy?
Mayer, Thomas; Schnabl, Gunther - 2019
growth. From a Keynesian and neoclassical perspective low interest rates are attributed to ageing societies, which save more … for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal … stimulate growth. This paralyzed investment and growth in the long term. We show that the ability of banks to extend credit ex …
Persistent link: https://www.econbiz.de/10012179753
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FTPL and the Maturity Structure of Government Debt in the New Keynesian Model
Liemen, Max Ole; Posch, Olaf - 2022
In this paper, we revisit the fiscal theory of the price level (FTPL) within the New Keynesian (NK) model. We show in which cases the average maturity of government debt matters for the transmission of policy shocks. The central task of this paper is to shed light on the theoretical predictions...
Persistent link: https://www.econbiz.de/10013353452
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Resurrecting the New-Keynesian Model: (Un)conventional Policy and the Taylor Rule
Posch, Olaf - 2018
This paper explores the ability of the New-Keynesian (NK) model to explain the recent periods of quiet and stable inflation at near-zero nominal interest rates. We show how (conventional and unconventional) monetary policy shocks enlarge the ability to explain the facts, such that the theory...
Persistent link: https://www.econbiz.de/10011815818
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Back to Keynes?
van der Ploeg, Frederick - 2005
After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by J.M. Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...
Persistent link: https://www.econbiz.de/10010261154
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Appropriate Fiscal Policy Over the Business Cycle : Proper Stimulus Policies Can Work
Graves, Philip E. - 2010
Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10013139182