Narrow search
Showing 1 - 10 of 480
Cover Image
Generalized Taylor and Generalized Calvo Price and Wage-Setting: Micro Evidence with Macro Implications
Dixon, Huw D.; Bihan, Hervé Le - CESifo - 2010
The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and … Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro … monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is …
Persistent link: https://www.econbiz.de/10008572477
Cover Image
A Unified Framework for Using Micro-Data to Compare Dynamic Wage and Price Setting Models
Dixon, Huw D. - CESifo - 2010
durations found in the micro-data to generalized Taylor and Calvo models of time-dependent pricing. We illustrate the approach … Generalized Taylor Economy generates a hump shaped response function, whilst the Generalized Calvo does not. …
Persistent link: https://www.econbiz.de/10008572549
Cover Image
Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...
Persistent link: https://www.econbiz.de/10013136243
Cover Image
Uncertainty-Dependent Effects of Monetary Policy Shocks : A New Keynesian Interpretation
Castelnuovo, Efrem - 2018
We estimate a nonlinear VAR model to study the real effects of monetary policy shocks in regimes characterized by high vs. low macroeconomic uncertainty. We find unexpected monetary policy moves to exert a substantially milder impact in presence of high uncertainty. We then exploit the set of...
Persistent link: https://www.econbiz.de/10012926998
Cover Image
House Prices and Macroprudential Policy in an Estimated DSGE Model of New Zealand
Funke, Michael - 2017
We analyse the effects of macroprudential and monetary policies and their interactions using an estimated dynamic stochastic general equilibrium (DSGE) model tailored to New Zealand. We find that the main historical drivers of house prices are shocks specific to the housing sector. While our...
Persistent link: https://www.econbiz.de/10012953951
Cover Image
What Marx Means Today
Sinn, Hans-Werner - 2017
Marx made significant contributions to macroeconomics, laying the grounds for both Keynes's theory of aggregate demand and Schumpeter's theory of creative destruction. His law of the tendency of the rate of profit to fall parallels Alvin Hansen's theory of secular stagnation which has recently...
Persistent link: https://www.econbiz.de/10012954595
Cover Image
Systematic Monetary Policy and the Macroeconomic Effects of Shifts in Loan-to-Value Ratios
Bachmann, Ruediger - 2017
in the US appears to include lending standards in residential markets, a finding we confirm in Taylor rule estimations …
Persistent link: https://www.econbiz.de/10012955193
Cover Image
Google it Up! A Google Trends-Based Uncertainty Index for the United States and Australia
Castelnuovo, Efrem - 2017
We develop uncertainty indices for the United States and Australia based on freely accessible, real time Google Trends data. Our Google Trends Uncertainty (GTU) indices are found to be positively correlated to a variety of alternative proxies for uncertainty available for these two countries....
Persistent link: https://www.econbiz.de/10012943150
Cover Image
Monetary Policy in Turkey after Central Bank Independence
Gürkaynak, Refet S. - 2015
anchor is visible in the break we estimate in Taylor-type rules as well as in asset prices. We also argue that recent …
Persistent link: https://www.econbiz.de/10013011437
Cover Image
Monetary Policy and the Relative Price of Durable Goods
Cantelmo, Alessandro - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10013023113