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Fiscal Policy, Monopolistic Competition, and Finite Lives
Heijdra, Ben J. - 2006
multiplier; (ii) positive long-run output multipliers are obtained only if the generational turnover effect is dominated by the …
Persistent link: https://www.econbiz.de/10012783358
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Food Prices and the Multiplier Effect of Export Policy
Giordani, Paolo E.; Rocha, Nadia; Ruta, Michele - 2021
countries give rise to a 'multiplier effect': when a shock in the international food market drives up (down) its price … activism. We test this theory with a new dataset that comprises monthly information on trade measures across 125 countries and … 29 food products for the period 2008-10, finding evidence of a multiplier effect. Global restrictions in a product (i …
Persistent link: https://www.econbiz.de/10013315923
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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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Uncertainty-Driven Business Cycles : Assessing the Markup Channel
Born, Benjamin - 2017
A growing recent literature relies on a precautionary pricing motive embedded in representative agent DSGE models with sticky prices and wages to generate negative output effects of uncertainty shocks. We assess whether this theoretical model channel is consistent with the data. Building a New...
Persistent link: https://www.econbiz.de/10012962916
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On the Modeling of the Income Distribution Business Cycle Dynamics
Heer, Burkhard - 2007
Empirically, the income share is procyclical for the low-income groups and acyclical for the top 5%. We find that business cycle models should consider overlapping generations and elastic labor supply in order to replicate this finding
Persistent link: https://www.econbiz.de/10012777297
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Growth Expectations, Undue Optimism, and Short-Run Fluctuations
Enders, Zeno - 2018
and the real-time prediction of professional forecasters. We find that optimism shocks – in line with theory - generate a …
Persistent link: https://www.econbiz.de/10012938129
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Estimating Dynamic Equilibrium Models Using Mixed Frequency Macro and Financial Data
Christensen, Bent Jesper - 2014
We provide a framework for inference in dynamic equilibrium models including financial market data at daily frequency, along with macro series at standard lower frequency. Our formulation of the macro-finance model in continuous-time conveniently accounts for the difference in observation...
Persistent link: https://www.econbiz.de/10013044593
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The Effect of Disaggregate Information on the Expectation Formation of Firms
Buchheim, Lukas - 2018
This paper studies a new aspect of firms' expectation formation by asking whether expectations primarily reflect aggregate, industry-wide information (e.g., industry trends) or disaggregate information (e.g., firm-specific information). First, we show that disaggregate information is strongly...
Persistent link: https://www.econbiz.de/10012929261
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The Price Puzzle Revisited : Can the Cost Channel Explain a Rise in Inflation after a Monetary Policy Shock?
Henzel, Steffen - 2013
This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...
Persistent link: https://www.econbiz.de/10012753889
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Demographic Structure and Macroeconomic Trends
Aksoy, Yunus; Basso, Henrique S.; Smith, Ron; Grasl, Tobias - 2021
The effect of changes in demographic structure on medium-run trends of key macroeconomic variables is estimated using a Panel VAR of 21 OECD economies. The panel data variability assists the identification of direct effects of demographics, while the dynamic structure uncovers long-term effects....
Persistent link: https://www.econbiz.de/10013315503