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Housing market dynamics and welfare
Büyükkarabacak, Berrak; Mykhaylova, Olena - Volkswirtschaftliche Fakultät, … - 2010
welfare in the economy by up to 0.3 percent of consumption. This result is robust to several specifications of the Taylor rule …
Persistent link: https://www.econbiz.de/10008574290
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Dynamics of Sticky Information and Sticky Price Models in a New Keynesian DSGE Framework
Arslan, Mesut Murat - Volkswirtschaftliche Fakultät, … - 2007
Recent literature on monetary policy analysis extensively uses the sticky price model of price adjustment in a New Keynesian Macroeconomic framework. This price setting model, however, has been criticized for producing implausible results regarding inflation and output dynamics. This paper...
Persistent link: https://www.econbiz.de/10005621721
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Credit Expansion, the Prisoner´s Dilemma, and Free Banking as Mechanism Design
van den Hauwe, Ludwig - Volkswirtschaftliche Fakultät, … - 2008
Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...
Persistent link: https://www.econbiz.de/10011267869
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Escaping a Liquidity Trap: Keynes’ Prescription Is Right But His Reasoning Is Wrong
Harashima, Taiji - Volkswirtschaftliche Fakultät, … - 2013
Keynes’ original intention in introducing the concept of a liquidity trap was to explain the reason why persistent large amounts of unutilized resources were generated during the Great Depression. This paper shows that this type of phenomenon cannot be explained in the framework of a...
Persistent link: https://www.econbiz.de/10011258943
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Learning, Expectations, and Endogenous Business Cycles
Doshchyn, Artur; Giommetti, Nicola - Volkswirtschaftliche Fakultät, … - 2013
We show that business cycles can emerge and proliferate endogenously in the economy due to the way economic agents learn, form their expectations, and make decisions regarding savings and production for future periods. There are no exogenous shocks of any kind to productivity or any other...
Persistent link: https://www.econbiz.de/10011259238
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Adopción de metas de inflación y su impacto en las expectativas de inflación y volatilidad del crecimiento económico: evidencia empírica para Bolivia
Valdivia, Daney; Loayza, Lilian - Volkswirtschaftliche Fakultät, … - 2010
Introduction of inflation targeting has global effects on dynamic of prices and economic growth. In case of a developing country with an increasing remonetization since 2007 – 2008 and modest growing later than 2009 it’s important to assess the adoption of a new regime and how it helps to...
Persistent link: https://www.econbiz.de/10011259298
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Pakistan Economy DSGE Model with Informality
Ahmed, Shahzad; Ahmed, Waqas; Khan, Sajawal; Pasha, Farooq - Volkswirtschaftliche Fakultät, … - 2012
In this paper we develop a closed economy DSGE model of Pakistan with informality both in the labor and product markets. We try to remain consistent with the micro-foundations of Pakistan’s economy for the purpose of estimation of the model parameters. However a couple of them have been...
Persistent link: https://www.econbiz.de/10011260073
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Toward Maghreb monetary unification:what does the theory and history tell us?
Belhadj, Aam; bangake, Chrysost; Jedlane, NABIL - Volkswirtschaftliche Fakultät, … - 2007
Since the beginning of the decade, numerous economic and monetary unification projects have aroused a lot of interest. The reinforcement of economic and monetary integration, especially in Europe, has set a trend for the creation of a monetary union in many others regions of the world. Since...
Persistent link: https://www.econbiz.de/10011260997
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Financial Development and Amplification
Hirano, Tomohiro - Volkswirtschaftliche Fakultät, … - 2009
This paper investigates theoretically how financial development affects the magnitude of financial amplification. Financial development yields two competing effects, balance sheet effects and shock cushioning effects. Depending on which of these forces dominates, we find that financial...
Persistent link: https://www.econbiz.de/10005019436
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Fiscal rules in a highly distorted economy
Marattin, Luigi; Marzo, Massimiliano - Volkswirtschaftliche Fakultät, … - 2009
The objective of this paper is to investigate the optimality of EMU fiscal rules from a welfare perspective. We compute … welfare-maximizing feedback coefficients for monetary and fiscal rules in a NK-DSGE with a high number of nominal and real … the liabilities rule is welfare superior, but it does not provide enough output stabilization if not coupled with a non …
Persistent link: https://www.econbiz.de/10005260301