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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
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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 … presence of high uncertainty. We then exploit the set of impulse responses coming from the nonlinear VAR framework to estimate … replicate the VAR evidence in both regimes thanks to different estimates of some crucial structural parameters. In particular …
Persistent link: https://www.econbiz.de/10012926998
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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
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Systematic Monetary Policy and the Macroeconomic Effects of Shifts in Loan-to-Value Ratios
Bachmann, Ruediger - 2017
measured by loan-to-value (LTV) ratios? In a structural VAR, GDP and business investment increase following an expansionary LTV …
Persistent link: https://www.econbiz.de/10012955193
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Monetary Policy in Turkey after Central Bank Independence
Gürkaynak, Refet S. - 2015
We present an accessible narrative of the Turkish economy since its great 2001 crisis. We broadly survey economic developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong inflation targeter early in this period but began to pay...
Persistent link: https://www.econbiz.de/10013011437
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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 …
Persistent link: https://www.econbiz.de/10013023113
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Leaning Against Windy Bank Lending
Melina, Giovanni - 2015
Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the US during the Great Moderation. It then shows that the optimized simple interest-rate rule features virtually no response to...
Persistent link: https://www.econbiz.de/10013023182
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Q-Targeting in New Keynesian Models
Heer, Burkhard - 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/10012993022
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Out of Sync Subnational Housing Markets and Macroprudential Policies
Funke, Michael - 2018
In view of regional house prices drifting apart, we examine whether regionally differentiated macroprudential policies can address financial stability concerns and moderate house price differences. To this end, we disaggregate both the household sector and the housing stock in a two-region DSGE...
Persistent link: https://www.econbiz.de/10012922555
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Monetary Persistence and the Labor Market : A New Perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...
Persistent link: https://www.econbiz.de/10013316264