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Spillovers and spillbacks
Acharya, Sushant; Pesenti, Paolo A. - 2024
Keynesian model. Relative to Representative Agent (RANK) models, our framework introduces a precautionary-savings channel, as … households in both countries face uninsurable income risk, and a real-income channel, as households have heterogeneous marginal … propensities to consume (MPC). While both channels amplify the size of spillovers/spillbacks, only precautionary savings can change …
Persistent link: https://www.econbiz.de/10014501129
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Should central banks be more aggressive?
Söderström, Ulf - 1999
Simple models of monetary policy often imply optimal policy behavior that is considerably more aggressive than what is commonly observed. This paper argues that such counterfactual implications are due to model restrictions and a failure to account for multiplicative parameter uncertainty,...
Persistent link: https://www.econbiz.de/10011584195
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Uncertainty about length of the monetary policy transmission lag : implications for monetary policy
Ha, Yuong - 1999
Using stochastic simulations of the Reserve Bank of New Zealand s macroeconomic model, this paper examines the implications for monetary policy of uncertainty about the length of the monetary policy transmission lag. Uncertainty is examined from two perspectives. The first investigates the...
Persistent link: https://www.econbiz.de/10011585387
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Density-conditional forecasts in dynamic multivariate models
Andersson, Michael K.; Palmqvist, Stefan Ulf; Waggoner, … - 2010
When generating conditional forecasts in dynamic models it is common to impose the conditions as restrictions on future structural shocks. However, these conditional forecasts often ignore that there may be uncertainty about the future development of the restricted variables. Our paper therefore...
Persistent link: https://www.econbiz.de/10009792830
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The optimal supply of central bank reserves under uncertainty
Afonso, Gara; La Spada, Gabriele; Mertens, Thomas; … - 2023 - Revised December 2023
This paper provides an analytically tractable theoretical framework to study the optimal supply of central bank reserves when the demand for reserves is uncertain and nonlinear. We fully characterize the optimal supply of central bank reserves and associated market equilibrium. We find that the...
Persistent link: https://www.econbiz.de/10014426250
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Uncertain potential output : implications for monetary policy
Ehrmann, Michael - 2001
Persistent link: https://www.econbiz.de/10013434349
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Non-standard central bank loss functions, skewed risks, and certainty equivalance
Al-Nowaihi, Ali - 2002
Persistent link: https://www.econbiz.de/10013434451
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Modeling model uncertainty : international seminar on macroeconomics
Onatski, Alexei - 2002
Persistent link: https://www.econbiz.de/10013434492
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International monetary policy coordination and financial market integration
Sutherland, Alan - 2002
Persistent link: https://www.econbiz.de/10013434500
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Optimal inflation with corporate taxation and financial constraints
Finocchiaro, Daria; Lombardo, Giovanni; Mendicino, Caterina - 2015 - Revised December 2017
How does inflation affect the investment decisions of financially constrained firms in the presence of corporate taxation? Inflation interacts with corporate taxation via the deductibility of i) capital expenditures and ii) interest payments on debt. Through the first channel, inflation...
Persistent link: https://www.econbiz.de/10011901390