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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

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

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

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

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

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

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

Uncertain potential output : implications for monetary policy

Ehrmann, Michael - 2001

Persistent link: https://www.econbiz.de/10013434349

Non-standard central bank loss functions, skewed risks, and certainty equivalance

Al-Nowaihi, Ali - 2002

Persistent link: https://www.econbiz.de/10013434451

Modeling model uncertainty : international seminar on macroeconomics

Onatski, Alexei - 2002

Persistent link: https://www.econbiz.de/10013434492

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