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A Speed Limit Monetary Policy Rule for the Euro Area

Stracca, Livio - 2006

This paper estimates a hybrid New Keynesian model on euro area data and evaluates the performance of different simple policy rules and of the optimal unconstrained rule under commitment. The study reaches two main conclusions. First, inflation is found to be mainly forward-looking in the euro...

Persistent link: https://www.econbiz.de/10012780823

Surprising Comparative Properties of Monetary Models : Results from a New Model Database

Taylor, John B. - 2010

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new database of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...

Persistent link: https://www.econbiz.de/10013136676

The Political Economy Under Monetary Union : Has the Euro Made a Difference?

Fratzscher, Marcel; Stracca, Livio - 2021

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Persistent link: https://www.econbiz.de/10013316460

The political economy under monetary union: has the euro made a difference?

Fratzscher, Marcel; Stracca, Livio - 2008

Persistent link: https://www.econbiz.de/10011605002

Capital Regulation in a Macroeconomic Model with Three Layers of Default

Clerc, Laurent - 2015

We develop a dynamic general equilibrium model for the positive and normative analysis of macroprudential policies. Optimizing financial intermediaries allocate their scarce net worth together with funds raised from saving households across two lending activities, mortgage and corporate lending....

Persistent link: https://www.econbiz.de/10013019587

Does Fiscal Austerity Affect Public Opinion?

Kalbhenn, Anna - 2015

In this paper we explore the impact of fiscal austerity on three different dimensions of public opinion (overall life satisfaction and confidence, attitude towards national authorities, and European institutions). Based on a panel of 26 EU countries, we find that, overall, fiscal consolidation...

Persistent link: https://www.econbiz.de/10013025081

Surprising comparative properties of monetary models: Results from a new model database

Taylor, John B.; Wieland, Volker - 2010

Persistent link: https://www.econbiz.de/10011605307

Welfare-based monetary policy rules in an estimated DSGE model of the US economy

Juillard, Michel; Karam, Philippe; Laxton, Douglas; … - 2006

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/10011604659

What is global excess liquidity, and does it matter?

Rüffer, Rasmus; Stracca, Livio - 2006

liquidity”, a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold …. First, we present some conceptual discussion on the meaning of excess liquidity in advanced countries with developed … excess liquidity and spill-overs between them for a relatively large sample of industrialised and developing countries. Third …

Persistent link: https://www.econbiz.de/10011604742

Should we take inside money seriously?

Stracca, Livio - 2007

This paper presents a dynamic general equilibrium model with sticky prices, in which "inside" money, made out of commercial banks’ liabilities, plays an active, structural role role. It is shown that, in such a model, an inside money shock has a well-defined meaning. A calibrated version of...

Persistent link: https://www.econbiz.de/10011604887