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Anticipated alternative policy-rate paths in policy simulations

Laséen, Stefan; Svensson, Lars E. O. - 2011

This paper specifies a new convenient algorithm to construct policy projections conditional on alternative anticipated policy-rate paths in linearized dynamic stochastic general equilibrium (DSGE) models, such as Ramses, the Riksbank's main DSGE model. Such projections with anticipated...

Persistent link: https://www.econbiz.de/10008696833

Debt dynamics and monetary policy : a note

Laséen, Stefan; Strid, Ingvar - 2013

"Leaning against the wind" - a tighter monetary policy than necessary for stabilizing inflation around the inflation target and unemployment around a long-run sustainable rate - has been justified as a way of reducing household indebtedness. In a recent paper Lars Svensson claims that this...

Persistent link: https://www.econbiz.de/10010227164

Seemingly irresponsible but welfare improving fiscal policy at the lower bound

Billi, Roberto M.; Walsh, Carl E. - 2022

In this paper, we evaluate the consequences of super-active fiscal policy rules - that is, rules that call for tax cuts and/or spending increases as the government's debt level rises - in a standard New Keynesian model subject to an occasionally-binding zero lower bound on the monetary policy...

Persistent link: https://www.econbiz.de/10013161539

The role of money in monetary policy at the lower bound

Billi, Roberto M.; Söderström, Ulf; Walsh, Carl E. - 2020

In light of the current low-interest-rate environment, we reconsider the merit of a money growth target (MGT) relative to a conventional in ation targeting (IT) regime, and to the notion of price level targeting (PLT). Through the lens of a New Keynesian model, and accounting for a zero lower...

Persistent link: https://www.econbiz.de/10012229943

Monetary policy surprises, central bank information shocks, and economic activity in a small open economy

Laséen, Stefan - 2020

In this paper I study the effects of monetary policy on economic activity and asset prices in Sweden, separately identifying the effects of a conventional policy change from effects of new information about economic fundamentals. Recent research has shown that high-frequency changes in policy...

Persistent link: https://www.econbiz.de/10012309007

Bayesian estimation of an open economy DSGE model with incomplete pass-through

Adolfson, Malin; Laséen, Stefan; Lindé, Jesper; … - 2005

In this paper we develop a dynamic stochastic general equilibrium (DSGE) model for an open economy, and estimate it on Euro area data using Bayesian estimation techniques. The model incorporates several open economy features, as well as a number of nominal and real frictions that have proven to...

Persistent link: https://www.econbiz.de/10011583872

Systemic risk : a new trade-off for monetary policy?

Laséen, Stefan; Pescatori, Andrea; Turunen, Jarkko - 2017

We introduce time-varying systemic risk (à la He and Krishnamurthy, 2014) in an otherwise standard New-Keynesian model … to study whether simple leaning-against-the-wind interest rate rules can reduce systemic risk and improve welfare. We … requirement, can eliminate systemic risk raising welfare by about 1.5%. Also, a surprise monetary policy tightening does not …

Persistent link: https://www.econbiz.de/10011713865