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What accounts for the changes in U.S. fiscal policy transmission?

Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - 2006

within a DSGE model featuring price rigidities and limited asset market participation. Specifically, we estimate the …

Persistent link: https://www.econbiz.de/10011604628

The elusive welfare economics of price stability as a monetary policy objective: why New Keynesian central bankers should validate core inflation

Buiter, Willem H. - 2006

established for the class of DSGE models with nominal rigidities for which they have been proposed by Woodford and others. …

Persistent link: https://www.econbiz.de/10011604655

International transmission and monetary policy cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10011604904

Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation

de Walque, Gregory; Pierrard, Olivier; Sneessens, Henri; … - 2009

We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers’ bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...

Persistent link: https://www.econbiz.de/10011605053

Putting the New Keynesian DSGE model to the real-time forecasting test

Kolasa, Marcin; Rubaszek, Michał; Skrzypczyński, Paweł - 2009

-time forecasts from a richly-specified DSGE model to those from the Survey of Professional Forecasters, Bayesian VARs and VARs using … priors from a DSGE model. We show that the analyzed DSGE model is relatively successful in forecasting the US economy in the … BVARs and DSGE-VARs. Compared to the SPF, the DSGE model generates better output forecasts at longer horizons, but less …

Persistent link: https://www.econbiz.de/10011605156

Involuntary unemployment and the business cycle

Christiano, Lawrence; Trabandt, Mathias; Walentin, Karl - 2010

integrate the model into a medium sized DSGE model with capital and show that the resulting model does as well as existing …

Persistent link: https://www.econbiz.de/10011605248

A note on identification patterns in DSGE models

Andrle, Michal - 2010

This paper comments on selected aspects of identification issues of DSGE models. It suggests the singular value …

Persistent link: https://www.econbiz.de/10011605281

Asset prices, collateral and unconventional monetary policy in a DSGE model

Hilberg, Björn; Hollmayr, Josef - 2011

In this paper we set up a New-Keynesian model that features an interbank market. The introduction of an interbank market is important to analyze liquidity problems among heterogenous agents within the financial sector. First, because this allows for a situation where increased liquidity supply...

Persistent link: https://www.econbiz.de/10011605419

Policy mandates for macro-prudential and monetary policies in a new Keynesian framework

Levine, Paul; Lima, Diana - 2015

In the aftermath of the financial crisis, the role of monetary policy and macro-prudential regulation in promoting financial stability is under discussion. The old debate concerning whether monetary policy should respond to credit and asset price bubbles was revived, whereas macro-prudential...

Persistent link: https://www.econbiz.de/10011605829

Bank capital structure and the credit channel of central bank asset purchases

Darracq Pariès, Matthieu; Hałaj, Grzegorz; Kok, … - 2016

-section of individual bank portfolio decisions. For this purpose, an augmented version of the DSGE model of Gertler and Karadi … liquidity constraints as well as different credit and market risk characteristics. The deep parameters of the DSGE model which …

Persistent link: https://www.econbiz.de/10011605961