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Strike while the iron is hot : optimal monetary policy with a nonlinear Phillips curve
Karadi, Peter; Nakov, Anton; Nuño, Galo; Pasten, Ernesto; … - 2024 - This version: September 19, 2024
We study the Ramsey optimal monetary policy within the Golosov and Lucas (2007) state-dependent pricing framework. The model provides micro-foundations for a nonlinear Phillips curve: the sensitivity of inflation to activity increases after large shocks due to an endogenous rise in the frequency...
Persistent link: https://www.econbiz.de/10015071168
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Unemployment and debt dynamics in a highly indebted small open economy
Heer, Burkhard; Schubert, Stefan Franz - 2011
The paper analyzes the dynamic effects of a total factor productivity shock and an interest rate risk premium shock in … bargaining are introduced. We find that a negative total factor productivity shock primarily has effects on the economy … significantly reduces the initial response of the unemployment rate. In case of a temporary productivity shock, sticky wages imply …
Persistent link: https://www.econbiz.de/10009153857
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The transitional dynamics of fiscal policy in small open economies
Heijdra, Ben J. (contributor);  … - 2006
Persistent link: https://www.econbiz.de/10003364735
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Trade shocks and macroeconomic fluctuations in Africa
Kose, M. Ayhan; Riezman, Raymond Glenn - 1999
exported primary commodities, imported capital goods and intermediate inputs, and a financial shock, modeled as fluctuations in …
Persistent link: https://www.econbiz.de/10009781698
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Speed limit policies : the output gap and optimal monetary policy
Walsh, Carl E. - 2001
In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output gap will implement a policy under discretion that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank...
Persistent link: https://www.econbiz.de/10011408406
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Monetary policy in a channel system
Berentsen, Aleksander (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003496482
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Central bank independence and conservatism under uncertainty : substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2011
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain central bank preferences. We develop a model of endogenous monetary policy delegation in which government chooses the central bank's degree of inde-pendence and conservatism so...
Persistent link: https://www.econbiz.de/10009010174
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Structural distortions and decentralized fiscal policies in EMU
Beetsma, Roel; Bovenberg, Ary Lans - 2001
The combination of discretionary monetary policy, labor-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an inflation target eliminates this inflation bias, it creates a...
Persistent link: https://www.econbiz.de/10011398780
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Fiscal consolidation and its cross-country effects
Philippopulos, Apostolēs; Varthalitis, Petros; … - 2016
We build a new Keynesian DSGE model consisting of two heterogeneous countries participating in a monetary union. We study how public debt consolidation in a country with high debt (like Italy) affects welfare in a country with solid public finances (like Germany). Our results show that debt...
Persistent link: https://www.econbiz.de/10011515282
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Monetary policy interactions : the policy rate, asset purchases, and optimal policy with an interest rate Peg
Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2023
We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a credit wedge in the IS curve. The "divine...
Persistent link: https://www.econbiz.de/10014252576