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A Model of Shadow Banking
Gennaioli, Nicola - 2011
We present a model of shadow banking in which financial intermediaries originate and trade loans, assemble these loans into diversified portfolios, and then finance these portfolios externally with riskless debt. In this model: i) outside investor wealth drives the demand for riskless debt and...
Persistent link: https://www.econbiz.de/10013123980
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Macroprudential Policy with Leakages
Bengui, Julien; Bianchi, Javier - 2021
The outreach of macroprudential policies is likely limited in practice by imperfect regulation enforcement, whether due to shadow banking, regulatory arbitrage, or other regulation circumvention schemes. We study how such concerns affect the design of optimal regulatory policy in a workhorse...
Persistent link: https://www.econbiz.de/10013224121
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An Empirical Model of Labor Supply in the Underground Economy
Fortin, Bernard; Lemieux, Thomas; Frechette, Pierre - 2021
This paper uses micro data from a random survey carried out in the region of Quebec City, Canada, to estimate a model of labor supply in the underground economy. The model assumes that the individual's gross wage rate in the regular sector is parametric while his gross labor earnings in the...
Persistent link: https://www.econbiz.de/10013234063
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P-best response set
Tercieux, Olivier - In: Journal of economic theory 131 (2006) 1, pp. 45-70
Persistent link: https://www.econbiz.de/10003391621
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How Structural are Structural Parameters?
Fernández-Villaverde, Jesús - 2012
This paper studies how stable over time are the so-called "structural parameters" of dynamic stochastic general equilibrium (DSGE) models. To answer this question, we estimate a medium-scale DSGE model with real and nominal rigidities using U.S. data. In our model, we allow for parameter...
Persistent link: https://www.econbiz.de/10013104685
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Why You Should Never Use the Hodrick-Prescott Filter
Hamilton, James D. - 2017
Here's why. (1) The HP filter produces series with spurious dynamic relations that have no basis in the underlying data-generating process. (2) Filtered values at the end of the sample are very different from those in the middle, and are also characterized by spurious dynamics. (3) A statistical...
Persistent link: https://www.econbiz.de/10012955932
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The Perils of the Learning Model for Modeling Endogenous Technological Change
Nordhaus, William D. - 2010
Learning or experience curves are widely used to estimate cost functions in manufacturing modeling. They have recently been introduced in policy models of energy and global warming economics to make the process of technological change endogenous. It is not widely appreciated that this is a...
Persistent link: https://www.econbiz.de/10012758017
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New Keynesian Models : Not Yet Useful for Policy Analysis
Chari, Varadarajan V. - 2010
Macroeconomists have largely converged on method, model design, reduced-form shocks, and principles of policy advice. Our main disagreements today are about implementing the methodology. Some think New Keynesian models are ready to be used for quarter-to-quarter quantitative policy advice; we do...
Persistent link: https://www.econbiz.de/10012758420
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The Fallacy of the Fiscal Theory of the Price Level
Buiter, Willem H. - 2021
or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …
Persistent link: https://www.econbiz.de/10013223568
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Keynesian Macroeconomics Without the Lm Curve
Romer, David H. - 2021
Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption that the central bank targets the money...
Persistent link: https://www.econbiz.de/10013226979