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Have macroeconomic models lost their connection with economic reality?
Veen, Tom van - 2020
Macroeconomic theory has developed into increasingly sophisticated mathematical models. In the words of Mankiw … the development of macroeconomic theory over the past 40 years. The focus is on the main lines of thinking and the story … changes in macroeconomic theory and that the current debates after the GFC will be the start of a more plural approach to …
Persistent link: https://www.econbiz.de/10012211109
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Top-down versus bottom-up macroeconomics
De Grauwe, Paul - 2010
I distinguish two types of macroeconomic models. The first type are top-down models in which some or all agents are capable of understanding the whole picture and use this superior information to determine their optimal plans. The second type are bottom-up models in which all agents experience...
Persistent link: https://www.econbiz.de/10003965858
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Emergent dynamics of a macroeconomic agent based model with capital and credit
Assenza, Tiziana; Delli Gatti, Domenico; Grazzini, Jakob - 2014 - First Draft: July, 2013. This Draft: March, 2014
Building on the framework put forward by Delli Gatti et al. 2011, in this paper we present and discuss a Macroeconomic Agent-Based Model with Capital and Credit (hereafter CC-MABM). The novelty of this model with respect to the previous framework consists in the introduction of capital goods...
Persistent link: https://www.econbiz.de/10010347040
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Q-targeting in new Keynesian models
Heer, Burkhard; Maußner, Alfred; Ruf, Halvor - 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/10011451285
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FTPL and the maturity structure of government debt in the New-Keynesian model
Liemen, Max Ole; Posch, Olaf - 2022
In this paper, we revisit the fiscal theory of the price level (FTPL) within the New Keynesian (NK) model. We show in …
Persistent link: https://www.econbiz.de/10013285610
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Reasons for the demise of interest : savings glut and secular stagnation or central bank policy?
Mayer, Thomas; Schnabl, Gunther - 2019
, 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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Resurrecting the New-Keynesian model : (un)conventional policy and the taylor rule
Posch, Olaf - 2018
ability to explain the facts, such that the theory supports both a negative and a positive response of inflation. Central to …
Persistent link: https://www.econbiz.de/10011804150
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Tests of policy ineffectiveness in macroeconometrics
Pesaran, M. Hashem; Smith, Ron - 2014
This paper proposes tests of policy ineffectiveness in the context of macroeconometric rational expectations models. It is assumed that there is a policy intervention that takes the form of changes in the parameters of a policy rule, and that there are sufficient observations before and after...
Persistent link: https://www.econbiz.de/10010375404
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Macroeconomics with a thick pen
Gronwald, Marc; Jin, Xin - 2023
This paper introduces two co-movement measures based on the Thick Pen Transform into the macroeconomic literature: the Thick Pen Measure of Association (TPMA) as well as Multi-Thickness Thick Pen Measure of Association (MTTPMA). Both measures are non-parametric, time-varying, and flexible....
Persistent link: https://www.econbiz.de/10014281390
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Macroeconomic modeling when agents are imperfectly informed
De Grauwe, Paul (contributor) - 2008
Persistent link: https://www.econbiz.de/10003712532