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Resurrecting the New-Keynesian model : (un)conventional policy and the taylor rule

Posch, Olaf - 2018

This paper explores the ability of the New-Keynesian (NK) model to explain the recent periods of quiet and stable inflation at near-zero nominal interest rates. We show how (conventional and unconventional) monetary policy shocks enlarge the ability to explain the facts, such that the theory...

Persistent link: https://www.econbiz.de/10011804150

Some evolutionary foundations for price level rigidity

Saint-Paul, Gilles - 2002

This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...

Persistent link: https://www.econbiz.de/10011409938

Uncertainty-dependent effects of monetary policy shocks : a new Keynesian interpretation

Castelnuovo, Efrem; Pellegrino, Giovanni - 2017

a medium-scale new-Keynesian DSGE model with a minimum-distance approach. The DSGE model is shown to be able to …, we identify a steeper new-Keynesian Phillips curve as the key factor behind the DSGE model's ability to replicate the … milder macroeconomic responses to a monetary policy shock estimated with our VAR in presence of high uncertainty. A version …

Persistent link: https://www.econbiz.de/10011781355

Supply, demand and monetary policy shocks in a multi-country New Keynesian model

Dées, Stéphane; Pesaran, M. Hashem; Smith, L. Vanessa; … - 2010

This paper estimates and solves a multi-country version of the standard DSGE New Keynesian (NK) model. The country … restrictions implied by the NK theory. The multi-country DSGE NK model is then solved to provide estimates of identified supply … through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …

Persistent link: https://www.econbiz.de/10003974674

Monetary union, even higher integration, or back to national currencies?

Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; … - 2016

Keynesian DSGE model consisting of two heterogeneous countries. The model is solved using data from Germany and Italy. Our …

Persistent link: https://www.econbiz.de/10011430977

Open market operations as a monetary policy shock measure in a quantitative business cycle model

Heer, Burkhard; Schabert, Andreas - 2000

This paper presents a business cycle analysis of monetary policy shocks measured by disturbances to open market operations, i.e. the ratio of open market papers to non-borrowed reserves. We find empirical evidence for the usefulness of this policy measure, as it predicts significant declines in...

Persistent link: https://www.econbiz.de/10009780205

Can fiscal policy help macroeconomic stabilisation? : evidence from a New Keynesian model with liquidity constraints

Muscatelli, V. Anton; Tirelli, Patrizio; Trecroci, Carmine - 2004

This paper derives a New Keynesian dynamic general equilibrium model with liquidity- constrained consumers and sticky prices. The model allows a role for both government spending and taxation in the DGE model. The model is then estimated using US data. We demonstrate that there seems to be a...

Persistent link: https://www.econbiz.de/10011402458

Pandemic-era inflation drivers and global spillovers

Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - 2023

–2022. Third, the reallocation of consumption between goods and service sectors, a relative sector-level demand shock, played a …

Persistent link: https://www.econbiz.de/10014434281

Price rigidity and the origins of aggregate fluctuations

Pasten, Ernesto; Schoenle, Raphael; Weber, Michael - 2018 - This version: August 2018

as large as those arising from an aggregate productivity shock. Heterogeneous price rigidity amplifies the aggregate …

Persistent link: https://www.econbiz.de/10011891743

Ambiguous business cycles, recessions and uncertainty : a quantitative analysis

Piccillo, Giulia; Poonpakdee, Poramapa - 2023

This paper investigates the effects of uncertainty on the macro economy by replicating its micro effects on individual subjective beliefs. In our model, the representative household has smooth ambiguity preferences and is uncertain about which scenario the economy will be in the next period:...

Persistent link: https://www.econbiz.de/10014364652