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A Microfounded Sectoral Model for Open Economies
Plasmans, Joseph; Fornero, Jorge; Michalak, Tomasz - 2021
shocks and a shock in the exchange rate. Such a model is well suited for monetary policy analysis at the international level …
Persistent link: https://www.econbiz.de/10013317027
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Shocks, Frictions, and Inequality in US Business Cycles
Bayer, Christian - 2020
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...
Persistent link: https://www.econbiz.de/10012841741
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Robustly Optimal Monetary Policy in a New Keynesian Model with Housing
Adam, Klaus - 2020
We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. With rational private sector expectations about housing prices and inflation, optimal monetary policy can be characterized by a standard 'target criterion' that refers to inflation...
Persistent link: https://www.econbiz.de/10012840227
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Micro Jumps, Macro Humps : Monetary Policy and Business Cycles in an Estimated Hank Model
Auclert, Adrien - 2020
shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high …
Persistent link: https://www.econbiz.de/10012842965
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Sectoral Labor Mobility and Optimal Monetary Policy
Cantelmo, Alessandro; Melina, Giovanni - 2021
How should central banks optimally aggregate sectoral inflation rates in the presence of imperfect labor mobility across sectors? We study this issue in a two-sector New-Keynesian model and show that a lower degree of sectoral labor mobility, ceteris paribus, increases the optimal weight on...
Persistent link: https://www.econbiz.de/10013315148
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Behavioral New Keynesian Models : Learning vs. Cognitive Discounting
Meggiorini, Greta; Milani, Fabio - 2021
This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...
Persistent link: https://www.econbiz.de/10013229788
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The Propagation of Monetary Policy Shocks in a Heterogeneous Production Economy
Pasten, Ernesto - 2019
We study the transmission of monetary policy shocks in a model in which realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages, and derive conditions under which these heterogeneities generate large real effects. Empirically,...
Persistent link: https://www.econbiz.de/10012892210
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Measuring Monetary Policy with Residual Sign Restrictions at Known Shock Dates
Badinger, Harald - 2020
residuals of the policy rule equation at these shock dates accordingly. In spite of its utmost agnostic nature, this approach …
Persistent link: https://www.econbiz.de/10012822501
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Real and Nominal Effects of Monetary Shocks Under Time-Varying Disagreement
Esady, Vania - 2019
This paper investigates the heterogeneity of monetary policy transmission under time-varying disagreement regimes using a threshold VAR. Empirically, I establish that during times of high disagreement, prices respond more sluggishly in response to monetary shocks. These stickier prices cause a...
Persistent link: https://www.econbiz.de/10012858703
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(Almost) Recursive Identification of Monetary Policy Shocks with Economic Parameter Restrictions
Burgard, Jan Pablo; Neuenkirch, Matthias; Umlandt, Dennis - 2023
output) shortly after a monetary policy shock. To overcome this problem, we propose to estimate the VAR parameters under the … restriction that economic theory is not violated, while the shocks are still recursively identified. We solve this optimization …, generates theory-consistent impulse responses, and is as close as possible to the recursive scheme …
Persistent link: https://www.econbiz.de/10014262412