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On the use of current or forward-looking data in monetary policy : a behavioural macroeconomic approach

De Grauwe, Paul; Ji, Yuemei - 2021

, in a strict inflation targeting regime the use of forward-looking data leads to a lower quality of monetary policymaking … especially in a strict inflation targeting regime. …

Persistent link: https://www.econbiz.de/10012420886

Fighting inflation more effectively without transferring central banks' profits to banks

De Grauwe, Paul; Ji, Yuemei - 2023

current operating procedures and make monetary policies more effective in fighting inflation. …

Persistent link: https://www.econbiz.de/10014422581

Modi's "Make in India" industrial reform policy and East Asian flying-geese paradigm

Nam, Chang-woon; Nam, Sumin; Steinhoff, Peter - 2017

The on-going "Make in India" campaign aims at manufacturing revival. Its characteristics resemble East Asian industrial reform and growth policies based on the flying-geese model which highlights "step-by-step" changes in a country's specialisation pattern and global competitiveness accompanied...

Persistent link: https://www.econbiz.de/10011646272

Animal spirits and the international transmission of business cycles : presented at CESifo Area Conference on Macro, Money & International Finance, February 2016

De Grauwe, Paul; Ji, Yuemei - 2016

It is well-known that the high synchronization of the business cycles among industrial countries cannot easily be replicated in standard open economy macroeconomic models without assuming that the exogenous shocks hitting these countries are highly correlated. We develop a two-country behavioral...

Persistent link: https://www.econbiz.de/10011444133

Analyzing structural reforms using a behavioral macroeconomic model

De Grauwe, Paul; Ji, Yuemei - 2017

rigid economy. Finally, we analyze how structural reforms change the tradeoffs between output and inflation variability. Our …

Persistent link: https://www.econbiz.de/10011663556

Monetary policy and radical uncertainty

De Grauwe, Paul; Ji, Yuemei - 2024

In a world of radical uncertainty the frequency distributions of economic variables deviate from the normal distribution and typically exhibit fat tails. We show that this feature is obtained in simple models where agents have cognitive limitations and fail to understand the underlying model....

Persistent link: https://www.econbiz.de/10014517948

The fragility of two monetary regimes : the European monetary system and the Eurozone

Ji, Yuemei; De Grauwe, Paul - 2013

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...

Persistent link: https://www.econbiz.de/10010210104

Effects of tax depreciation rules on firms' investment decisions in an inflationary phase : comparison of net present values in selected OECD countries

Nam, Chang-woon - 2001

. Therefore, in periods with inflation generous tax depreciation provisions do not adequately promote private investment as … designed, but partly compensate such losses caused by inflation. …

Persistent link: https://www.econbiz.de/10011399561

Does debt maturity matter for investment decisions?

Nam, Chang-woon; Radulescu, Doina - 2004

case of prevailing inflation, there is a mismatch between the nominal interest rate that is a discounting factor for all …

Persistent link: https://www.econbiz.de/10011402695

Why is there so much inertia in inflation and output? : a behavioral explanation

Ji, Yuemei - 2018

inflation and output can easily be explained in the context that agents do not have rational expectation. This important feature … correlated exogenous shocks to account for the high serial correlation in inflation and output while the behavioral model … strong force in producing the serial correlation in inflation and output. …

Persistent link: https://www.econbiz.de/10011888606