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Beyond the DSGE Straitjacket
Pesaran, M. Hashem - 2011
, General Equilibrium (DSGE) models based on micro-foundations of optimising representative agents with rational expectations …. We argue that the dominance of this particular sort of DSGE and the resistance of some in the profession to alternatives …
Persistent link: https://www.econbiz.de/10013126144
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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, M. Hashem - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...
Persistent link: https://www.econbiz.de/10013119292
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Sequential Bargaining in a New-Keynesian Model with Frictional Unemployment and Staggered Wage Negotiation
de Walque, Gregory - 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/10012764242
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The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model
Christoffel, Kai Philipp; Kuester, Keith; Linzert, Tobias - 2021
in an otherwise standard New-Keynesian closed economy DSGE model. We estimate the model using Bayesian techniques for …
Persistent link: https://www.econbiz.de/10013318057
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Nominal Wage Rigidities in a New Keynesian Model with Frictional Unemployment
Bodart, Vincent; de Walque, Gregory; Pierrard, Olivier; … - 2021
productivity shocks and second, in a fully specified monetary DSGE model with various real and nominal rigidities and multiple …
Persistent link: https://www.econbiz.de/10013317263
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A Tacit Monetary Policy of the Gulf Countries : Is There a Remittances Channel?
Termos, Ali A. - 2015
The strong economic ties between the GCC economies and the U.S. are manifested in three ways: currency peg, coupling of monetary policy, and the adoption of the U.S. dollar as the trading currency for oil. This paper examines how these dynamics result in a misalignment of the U.S. monetary...
Persistent link: https://www.econbiz.de/10013028190
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Present Bias for Monetary and Dietary Rewards : Evidence from Chinese Teenagers
Cheung, Stephen L. - 2020
Economists model self-control problems through time-inconsistent preferences. Empirical tests of these preferences largely rely on experimental elicitation methods using monetary rewards, with several recent studies failing to find present bias for money. In this paper, we compare estimates of...
Persistent link: https://www.econbiz.de/10012829926
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Striking a Balance : Optimal Tax Policy with Labor Market Duality
Mbara, Gilbert - 2020
This paper develops a dynamic general equilibrium model where employers may avoid making social security contributions by offering some workers "secondary contracts". When calibrated using aggregate tax revenue data, the model delivers estimates of secondary "off the books" employment that are...
Persistent link: https://www.econbiz.de/10012824425
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Equilibrium Wage and Employment Dynamics in a Model of Wage Posting Without Commitment
Coles, Melvyn G. - 2011
A rich but tractable variant of the Burdett-Mortensen model of wage setting behavior is formulated and a dynamic market equilibrium solution to the model is defined and characterized. In the model, firms cannot commit to wage contracts. Instead, the Markov perfect equilibrium to the wage setting...
Persistent link: https://www.econbiz.de/10013121547
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On Identification of Bayesian DSGE Models
Koop, Gary - 2011
equilibrium (DSGE) models. Given the structure of DSGE models it may be difficult to determine whether a parameter is identified … not suffer from this difficulty and are relatively easy to compute. The first applies to DSGE models where the parameters … estimators. These results are illustrated by means of simple DSGE models …
Persistent link: https://www.econbiz.de/10013126923