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Involuntary Unemployment and the Business Cycle
Christiano, Lawrence J. - 2010
We propose a monetary model in which the unemployed satisfy the official US definition of unemployment: they are people ….e., unemployment is ‘involuntary'). We integrate our model of involuntary unemployment into the simple New Keynesian framework with no … capital and use the resulting model to discuss the concept of the ‘non-accelerating inflation rate of unemployment'. We then …
Persistent link: https://www.econbiz.de/10013143337
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Involuntary unemployment and the business cycle
Christiano, Lawrence; Trabandt, Mathias; Walentin, Karl - 2010
We propose a monetary model in which the unemployed satisfy the official US definition of unemployment: they are people ….e., unemployment is ‘involuntary’). We integrate our model of involuntary unemployment into the simple New Keynesian framework with no … capital and use the resulting model to discuss the concept of the ‘non-accelerating inflation rate of unemployment’. We then …
Persistent link: https://www.econbiz.de/10011605248
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Monetary Policy and Potential Output Uncertainty : A Quantitative Assessment
Delle Chiaie, Simona - 2012
knowledge about potential output. The estimation of the structural parameters and of the monetary authorities' objectives is key …
Persistent link: https://www.econbiz.de/10013116556
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Globalisation, Domestic Inflation and Global Output Gaps : Evidence from the Euro Area
Calza, Alessandro - 2015
This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the global output gap (the quot;global output gap hypothesisquot;) holds for the euro area. The empirical analysis uses quarterly data over the period 1979-2003. Measures of the...
Persistent link: https://www.econbiz.de/10012750226
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A Panel VAR Analysis of Macro-Financial Imbalances in the EU
Comunale, Mariarosaria - 2017
We investigate the interactions across current account misalignments, Real Effective Exchange Rate misalignments and financial (or output) gaps within EU countries. We apply panel techniques, including a Bayesian panel VAR, to 27 EU members over the period 1994-2012. We find that, for the euro...
Persistent link: https://www.econbiz.de/10012961964
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An Inflation-Predicting Measure of the Output Gap in the Euro Area
Jarocinski, Marek - 2016
Using a small Bayesian dynamic factor model of the euro area we estimate the deviations of output from its trend that are consistent with the behavior of inflation. We label these deviations the output gap. In order to pin-down the features of the model, we evaluate the accuracy of real-time...
Persistent link: https://www.econbiz.de/10012981025
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Estimating Multi-Country VAR Models
Canova, Fabio - 2006
This paper describes a methodology to estimate the coefficients, to test specification hypotheses and to conduct policy exercises in multi-country VAR models with cross unit interdependencies, unit specific dynamics and time variations in the coefficients. The framework of analysis is Bayesian:...
Persistent link: https://www.econbiz.de/10012780504
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Credit risk transfers and the macroeconomy
Faia, Ester - 2010
The recent financial crisis has highlighted the limits of the "originate to distribute" model of banking, but its nexus with the macroeconomy and monetary policy remains unexplored. I build a DSGE model with banks (along the lines of Holmström and Tirole [28] and Parlour and Plantin [39]) and...
Persistent link: https://www.econbiz.de/10011605302
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Welfare Implications of Calvo Vs. Rotemberg Pricing Assumptions
Lombardo, Giovanni; Vestin, David - 2021
This paper compares the welfare implications of two widely used pricing assumptions in the New-Keynesian literature: Calvo-pricing vs. Rotemberg-pricing. We show that despite the strong similarities between the two assumptions to a first order of approximation, in general they might entail...
Persistent link: https://www.econbiz.de/10013317043
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A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area
Adjemian, Stephane - 2008
The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric frame-work. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and...
Persistent link: https://www.econbiz.de/10012772411