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The Impact of Constrained Monetary Policy on the Fiscal Multipliers on Output and Inflation

Bletzinger, Tilman - 2017

This paper uses two established DSGE models (QUEST III and Smets-Wouters) to assess the impact of fiscal spending cuts on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We compare four different settings of constrained monetary...

Persistent link: https://www.econbiz.de/10012963016

Counterfactual analysis in macroeconometrics : an empirical investigation into the effects of quantitative easing

Pesaran, M. Hashem; Smith, Ron - 2012

This paper is concerned with ex ante and ex post counterfactual analyses in the case of macroeconometric applications where a single unit is observed before and after a given policy intervention. It distinguishes between cases where the policy change affects the model's parameters and where it...

Persistent link: https://www.econbiz.de/10009548055

ECB-Global : Introducing ECB's Global Macroeconomic Model for Spillover Analysis

Dieppe, Alistair - 2017

In a highly interlinked global economy a key question for policy makers is how foreign shocks and policies transmit to the domestic economy. We develop a semi-structural multi-country model with rich real and financial channels of international shock propagation for the euro area, the US, Japan,...

Persistent link: https://www.econbiz.de/10012958272

The Effects of Monetary Policy on Unemployment Dynamics Under Model Uncertainty : Evidence from the US and the Euro Area

Altavilla, Carlo; Ciccarelli, Matteo - 2021

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10013316324

The ECB's New Multi-Country Model for the Euro Area : NMCM - With Boundedly Rational Learning Expectations

Dieppe, Alistair - 2011

Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...

Persistent link: https://www.econbiz.de/10013128293

Maintaining Low Inflation : Money, Interest Rates, and Policy Stance

Reynard, Samuel - 2021

This paper presents a systematic empirical relationship between money and subsequent prices and output, using US, euro area and Swiss data since the 1960-70s. Monetary developments, unlike interest rate stance measures, are shown to provide qualitative and quantitative information on subsequent...

Persistent link: https://www.econbiz.de/10013317093

R&D decisions and productivity growth : evidence from Switzerland and the Netherlands

Dobbelaere, Sabien; König, Michael D.; Spescha, Andrin; … - 2024

The fraction of R&D active firms decreased in Switzerland but increased in the Netherlands from 2000-2016. This paper …-productivity firms in Switzerland. Innovation support sustains firms' R&D activities in both countries. Our structural growth model … identifies the impact of innovation, imitation and R&D costs on firms' R&D decisions. R&D costs gained importance in Switzerland …

Persistent link: https://www.econbiz.de/10014535654

The ECB's New Multi-Country Model for the Euro Area : NMCM - Simulated with Rational Expectations

Dieppe, Alistair - 2011

provide some simulation results under the assumption of model-consistent rational expectations, we show that there is some …

Persistent link: https://www.econbiz.de/10013128296

Welfare-Based Monetary Policy Rules in an Estimated DSGE Model of the Us Economy

Juillard, Michel; Karam, Philippe D.; Laxton, Douglas; … - 2021

We develop and estimate a stylized micro-founded model of the US economy. Next we compute the parameters of a simple interest rate policy rule that maximizes the unconditional mean of utility. We show that such a welfare-based rule lies close to the Taylor efficiency frontier. A counterfactual...

Persistent link: https://www.econbiz.de/10013317650

Towards expenditure rules and fiscal sanity in the euro area

Hauptmeier, Sebastian; Sanchez Fuentes, Jesus; … - 2010

The study looks at primary expenditure developments in the euro area, its three largest members and four “macro-imbalances” countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...

Persistent link: https://www.econbiz.de/10011605312

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