Similar Search Results

Structural Heterogeneity or Asymmetric Shocks? Poland and the Euro Area Through the Lens of a Two-Country DSGE Model

Kolasa, Marcin - 2011

This paper presents a two-country model linking Poland and the euro area and applies it for assessment of heterogeneity across these two regions. Overall, our results can be seen as rather inconclusive about the differences in parameters describing agents' decision-making in Poland and in the...

Persistent link: https://www.econbiz.de/10013130695

Macroeconomic Adjustment and Heterogeneity in the Euro Area

Torój, Andrzej - 2011

We revisit the subject of country-level macroeconomic adjustment in the euro area in the absence of autonomous monetary and exchange rate policy. We discuss how the procyclical real interest rate mechanism and the competitiveness channel of adjustment interact with various aspects of...

Persistent link: https://www.econbiz.de/10013130702

Endogenous Growth Mechanism as a Source of Medium Term Fluctuations in the Labor Market : Application to the US Economy

Gradzewicz, Michal - 2011

Next, we discuss our calibration strategy, along with the data and information sources used for this purpose. As the stochastic parameters of the model, together with stochastic shocks, are estimated from the US data, this section also addresses the estimation issues. The last section presents...

Persistent link: https://www.econbiz.de/10013130740

Can We Prevent Boom-Bust Cycles During Euro Area Accession?

Brzoza-Brzezina, Michal - 2011

Euro-area accession caused boom-bust cycles in several catching-up economies. Declining interest rates and easier financing conditions fuelled spending and worsened the current account balance. Over time inflation deteriorated external competitiveness and lowered domestic demand, turning the...

Persistent link: https://www.econbiz.de/10013131035

Dollarization as a Signaling Device

Makarski, Krzysztof - 2011

The objective of this paper is to point out that dollarization, apart from being a commitment device, may also be used as a signaling device if there is uncertainty about the government's intentions. To this end, we modify the standard approach to modeling monetary policy by introducing two...

Persistent link: https://www.econbiz.de/10013131217

Central Bank’s Macroeconomic Projections and Learning

Ferrero, Giuseppe - 2011

We study the impact of the publication of central bank's macroeconomic projections on the dynamic properties of an economy where: (i) private agents have incomplete information and form their expectations using recursive learning algorithms, (ii) the short-term nominal interest rate is set as a...

Persistent link: https://www.econbiz.de/10013131264

Credit Crunch in a Small Open Economy

Brzoza-Brzezina, Michal - 2011

We construct an open-economy DSGE model with a banking sector to analyse the impact of the recent credit crunch on a small open economy. In our model the banking sector operates under monopolistic competition, collects deposits and grants collateralized loans. Collateral effects amplify monetary...

Persistent link: https://www.econbiz.de/10013131267

The Fall of the Vanishing Interim Regime Hypothesis : Towards a New Paradigm of the Choice of the Exchange Rate Regimes

Jurek, Michal - 2011

This paper verifies strong and weak versions of the vanishing interim regime hypothesis (so-called bipolar view). It is shown herein that the strong as well as weak version of this hypothesis can be discredited. Empirical observations support the bipolar view only for the advanced countries, but...

Persistent link: https://www.econbiz.de/10013131299

Human Capital and Technological Progress as the Determinants of Economic Growth

Cichy, Krzysztof - 2012

The problem of economic growth is one of the fundamental fields of research in the theory of economics. Its essence is … possibilities for research on economic growth and development.This book is an interdisciplinary thesis on mathematical theory of … knowledge on the contemporary economic growth theory and the rare abilities to creatively extend and apply the models and …

Persistent link: https://www.econbiz.de/10013115273

Predictivistic Bayesian Forecasting System

Kociecki, Andrzej - 2011

This paper introduces a formal method of combining expert and model density forecasts when the sample of past forecasts is unavailable. It works directly with the expert forecast density and endogenously delivers weights for forecast combination, relying on probability rules only. In the...

Persistent link: https://www.econbiz.de/10013122708