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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/10013426410

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

Dungan, 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/10010287634

Price Dynamics and Production Lags

Lindbeck, Assar; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 1999

This paper provides a new explanation of why inflation is sluggish in response to aggregate demand shocks and why aggregate output changes as result of such shocks. We argue that these phenomena are related to lags between inputs and outputs in the production process, "production lags" for...

Persistent link: https://www.econbiz.de/10005702997

Understanding Firm Dynamics with Daily Data

Hack, Lukas; Rostam-Afschar, Davud - 2025

How do firms' plans and expectations respond to macroeconomic shocks? We run a daily survey of German firms over the past three years. We randomize daily invitations, delivering a stable composition of firms. This allows constructing daily time series and estimating dynamic aggregate causal...

Persistent link: https://www.econbiz.de/10015409451

On Measuring Uncertainty: Snakes and Ladders

Junankar, Pramod N. (Raja) - 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/10011559672

Interest Rate Bands of Inaction and Play-Hysteresis in Domestic Investment: Evidence for the Euro Area

Belke, Ansgar H.; Frenzel Baudisch, Coletta; Göcke, … - 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/10012141204

New Moneys under the New Normal? Bitcoin and Gold Interdependence during COVID Times

Agnese, Pablo; Thoss, Jonathan - 2021

against market uncertainty—we believe this is a very timely conclusion given the pervasive uncertainty that dominates post …

Persistent link: https://www.econbiz.de/10012597469

On identification of Bayesian DSGE models

Koop, Gary; Pesaran, Hashem; Smith, Ron P. - 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/10010278760

An empirical growth model for major oil exporters

Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - 2012

This paper develops a long-run growth model for a major oil exporting economy and derives conditions under which oil revenues are likely to have a lasting impact. This approach contrasts with the standard literature on the Dutch disease and the resource curse, which primarily focuses on...

Persistent link: https://www.econbiz.de/10010282525

The Effect of Shocks to Labour Market Flows on Unemployment and Participation Rates

Dixon, Robert; Lim, Guay C.; van Ours, Jan C. - 2014

This paper presents an analysis of labour market dynamics, in particular of flows in the labour market and how they interact and affect the evolution of unemployment rates and participation rates, the two main indicators of labour market performance. Our analysis has two special features. First,...

Persistent link: https://www.econbiz.de/10010377318