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Business cycle dynamics of a new Keynesian overlapping generations model with progressive income taxation
Heer, Burkhard (contributor); Maußner, Alfred (contributor) - 2006
In our dynamic optimizing sticky price model, agents are heterogeneous with regard to their age and their productivity. We find that the business cycle dynamics in the OLG model in response to both a technology shock and a monetary shock are similar, but not completely identical to those found...
Persistent link: https://www.econbiz.de/10003301356
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Reasons for the demise of interest : savings glut and secular stagnation or central bank policy?
Mayer, Thomas; Schnabl, Gunther - 2019
for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal …, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …
Persistent link: https://www.econbiz.de/10012124862
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Policy risk and the business cycle
Born, Benjamin; Pfeifer, Johannes - 2013 - This version: July 11, 2013, First Version: December 2010
The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic … recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining … business cycle fluctuations by using an estimated New Keynesian model featuring policy risk as well as uncertainty about …
Persistent link: https://www.econbiz.de/10009772961
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Density-conditional forecasts in dynamic multivariate models
Andersson, Michael K.; Palmqvist, Stefan Ulf; Waggoner, … - 2010
When generating conditional forecasts in dynamic models it is common to impose the conditions as restrictions on future structural shocks. However, these conditional forecasts often ignore that there may be uncertainty about the future development of the restricted variables. Our paper therefore...
Persistent link: https://www.econbiz.de/10009792830
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Uncertainty and fiscal policy in an asymmetric monetary union
Hefeker, Carsten (contributor); Zimmer, Blandine (contributor) - 2008
The paper examines the monetary-fiscal interactions in a monetary union model with uncertainty due to imperfect central bank transparency. We first show that monetary uncertainty disciplines fiscal policymakers and thereby reduces taxes, average inflation and output distortions. However, as more...
Persistent link: https://www.econbiz.de/10003749682
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Uncertainty, wage setting and decision making in a monetary union
Hefeker, Carsten (contributor) - 2005
The enlargement of the European Monetary Union is likely to lead to an increase in uncertainty regarding the transmission of monetary policy for the larger union. Adding new members to the central bank council will in addition imply that the policy reaction of the enlarged council will be...
Persistent link: https://www.econbiz.de/10003110104
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Should central banks be more aggressive?
Söderström, Ulf - 1999
Simple models of monetary policy often imply optimal policy behavior that is considerably more aggressive than what is commonly observed. This paper argues that such counterfactual implications are due to model restrictions and a failure to account for multiplicative parameter uncertainty,...
Persistent link: https://www.econbiz.de/10011584195
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Uncertainty about length of the monetary policy transmission lag : implications for monetary policy
Ha, Yuong - 1999
Using stochastic simulations of the Reserve Bank of New Zealand s macroeconomic model, this paper examines the implications for monetary policy of uncertainty about the length of the monetary policy transmission lag. Uncertainty is examined from two perspectives. The first investigates the...
Persistent link: https://www.econbiz.de/10011585387
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Policy coordination under model disagreement and uncertainty
Hefeker, Carsten; Neugart, Michael - 2019
What are the incentives for governments to coordinate their policies internationally when there is model disagreement and uncertainty? We build a model where countries disagree on policy targets and how policies affect the economies, and show that uncertainty not only determines the type of...
Persistent link: https://www.econbiz.de/10011966668
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Risk management-driven policy rate gap
Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela - 2018
-Bernanke period only. Focusing on this period, the "risk-management" approach is found to be responsible for monetary policy easings …
Persistent link: https://www.econbiz.de/10011884396