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On identification of Bayesian DSGE models

Koop, Gary; Pesaran, M. Hashem; Smith, Ron - 2011

In recent years there has been increasing concern about the identification of parameters in dynamic stochastic general equilibrium (DSGE) models. Given the structure of DSGE models it may be difficult to determine whether a parameter is identified. For the researcher using Bayesian methods, a...

Persistent link: https://www.econbiz.de/10009238657

Assessing Australian monetary policy in the twenty-first century

Gross, Isaac; Leigh, Andrew - 2022

Using the Reserve Bank of Australia's MARTIN model we compare actual monetary policy decisions to a counterfactual in which the cash rate is set according to an optimal simple rule. We find that monetary policy played a crucial role in avoiding a potential recession in 2001 and mitigating the...

Persistent link: https://www.econbiz.de/10013373260

Macroeconomic impacts of Canadian immigration : results from a macro-model

Dungan, Douglas Peter; Fang, Tony; Gunderson, Morley - 2012

We use a macro-econometric forecasting model to simulate the impact on the Canadian economy of a hypothetical increase in immigration. Our simulations generally yield positive impacts on such factors as real GDP and GDP per capita, aggregate demand, investment, productivity, and government...

Persistent link: https://www.econbiz.de/10009570282

On measuring uncertainty : snakes and ladders

Junankar, Pramod N. - 2016

surge in the stock market would be self-correcting. Recent papers have discussed the role of "uncertainty" and its … measurement in influencing economic decisions. They attempt to measure uncertainty by indexes of volatility of the stock market …, GDP, forecaster disagreement, mentions of uncertainty in news media, and the dispersion of productivity shocks to firms …

Persistent link: https://www.econbiz.de/10011543578

Labor turnover costs, workers' heterogeneity, and optimal monetary policy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2009

We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...

Persistent link: https://www.econbiz.de/10003879356

Monetary persistence, imperfect competition, and staggering complementarities

Merkl, Christian (contributor); … - 2007

This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of "quantitative inertia," after discussing...

Persistent link: https://www.econbiz.de/10003557342

The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics

Christoffel, Kai (contributor); Linzert, Tobias (contributor) - 2005

In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions affect the transmission process of monetary policy. The...

Persistent link: https://www.econbiz.de/10003227218

Short-time work and precautionary savings

Dengler, Thomas; Gehrke, Britta - 2021

In the Covid-19 crisis, most OECD countries use short-time work schemes (subsidized working time reductions) to preserve employment relationships. This paper studies whether short-time work can save jobs through stabilizing aggregate demand in recessions. We build a New Keynesian model with...

Persistent link: https://www.econbiz.de/10012517675

Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the Euro area

Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019

impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate … whether uncertainty over future interest rates in the Euro area hampers monetary policy transmission. In this non-linear model … uncertainty into the regressions, the results do not change much which may be due to the interest rate implicitly incorporating …

Persistent link: https://www.econbiz.de/10012099559

Risk, institutions and growth : why England and not China?

Greif, Avner; Iyigun, Murat; Sasson, Diego - 2011

We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual-level risk-taking in pursuing productivity-enhancing activities including using and developing new knowledge. Individual-level, idiosyncratic risk implies that distinct...

Persistent link: https://www.econbiz.de/10009235154

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