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On the mechanics of New-Keynesian models

Rupert, Peter; Šustek, Roman - 2016

We scrutinize the monetary transmission mechanism in New-Keynesian models, focusing on the role of capital, the key ingredient in the transition from the basic framework to DSGE models. The widely held view that monetary policy affects output and inflation in these models through a real interest...

Persistent link: https://www.econbiz.de/10011433135

Eurozone : the untold economics

Hatgioannides, John; Karanassou, Marika; Sala, Hector - 2013

This paper dwells on the Eurozone woes and addresses the origins of the transition from a fictitious boom to a painful bust by unravelling (i) the supply-side structural imbalances that formed the core-periphery economic divide, and (ii) the necessity of the periphery's sovereign debt to finance...

Persistent link: https://www.econbiz.de/10009687800

Exchange rate pass-through in South America : an overview

Borensztein, Eduardo; Queijo von Heideken, Virginia - 2016

from the adoption of floating exchange rates and especially an increase in monetary policy credibility. Despite the …

Persistent link: https://www.econbiz.de/10011521215

Macroeconomic and financial effects of oil price shocks : evidence for the Euro area

Morana, Claudio - 2016

The paper investigates the macroeconomic and financial effects of oil prices shocks in the euro area since its creation in 1999, with a special focus on the recent slump. The analysis is carried out episode by episode, within a time-varying parameter framework, consistent with the view that "not...

Persistent link: https://www.econbiz.de/10011451685

An assessment of inflation modelling in India

Karan Singh, B. - 2012

This study analyses India's inflation using the Phillips curve theory. To estimate an open-economy Phillips curve, we need three variables: (1) inflation (2) the output gap and (3) the real effective exchange rate. In India, the incorrect measurement of variables causes much difficulty in...

Persistent link: https://www.econbiz.de/10009535610

Monetary transmission in three central European economies : evidence from time-varying coefficient vector autoregressions

Darvas, Zsolt M. - 2012

Persistent link: https://www.econbiz.de/10009535639

Bayesian structural VAR models : a new approach for prior beliefs on impulse responses

Bruns, Martin; Pfiffer, Michele - 2018

Structural VAR models are frequently identified using sign restrictions on impulse responses. Moving beyond the popular but restrictive Normal-inverse-Wishart-Uniform prior, we develop a methodology that can handle almost any prior distribution on contemporaneous responses. We then propose a new...

Persistent link: https://www.econbiz.de/10011954423

Saving rate dynamics in the neoclassical growth model : hyperbolic discounting and observational equivalence

Farzin, Hossein; Wendner, Ronald - 2013

The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a country's saving rate exhibits a rising or non-monotonic pattern. In important...

Persistent link: https://www.econbiz.de/10009756310

The strategic use of abatement by a polluting monopoly

Martín Herrán, Guiomar; Rubio, Santiago J. - 2016

This paper evaluates the effects of the lack of regulatory commitment on emission tax applied by the regulator … find that the lack of commitment leads to lower taxation and abatement that yield larger emissions and, consequently, a … social welfare. Thus, our analysis indicates that the lack of commitment has a negative impact of welfare although this …

Persistent link: https://www.econbiz.de/10011547525

Enduring relationships in an economy with capital and private information

Khan, Aubhik; Popov, Latchezar; Ravikumar, B. - 2020

Persistent link: https://www.econbiz.de/10012308226