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Disciplining expectations and the forward guidance puzzle
Müller, Tobias; Christoffel, Kai; Mazelis, Falk; … - 2020
Forward guidance operates via the expectations formation process of the agents in the economy. In standard quantitative macroeconomic models, the expectations are unobserved state variables and little scrutiny is devoted to analysing the dynamic behaviour of these expectations. We show that the...
Persistent link: https://www.econbiz.de/10012241110
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VAR analysis and the Great Moderation
Benati, Luca (contributor); Surico, Paolo (contributor) - 2008
variances for all series, and decreases in the variances of inflation and the output gap, ithout any need of sunspot shocks …
Persistent link: https://www.econbiz.de/10003747974
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Robustifying learnability
Tetlow, Robert (contributor);  … - 2006
parameterizations of a given policy rule, we use structured singular value analysis (from robust control theory) to find the largest …
Persistent link: https://www.econbiz.de/10003290332
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CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Assenmacher-Wesche, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014314330
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Attenuating the forward guidance puzzle : implications for optimal monetary policy
Nakata, Taisuke; Ogaki, Ryota; Schmidt, Sebastian; Yoo, Paul - 2019
We examine the implications of less powerful forward guidance for optimal policy using a sticky-price model with an effective lower bound (ELB) on nominal interest rates as well as a discounted Euler equation and Phillips curve. When the private-sector agents discount future economic conditions...
Persistent link: https://www.econbiz.de/10011959272
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Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers
Leith, Campbell B. (contributor);  … - 2006
This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...
Persistent link: https://www.econbiz.de/10003337474
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Demographics and inflation in the euro area : a two-sector new Keynesian perspective
Lis, Eliza Magdalena; Nickel, Christiane; Papetti, Andrea - 2020
Can the aging process affect inflation? The prolonged decline of fertility and mortality rates induces a persistent … downward pressure on the natural interest rate. If this development is not internalized by the monetary policy rule, inflation … inflation found in the data for the euro area. In this model, continuing to follow the same rule makes inflation to be on a …
Persistent link: https://www.econbiz.de/10012181303
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Openness and optimal monetary policy
Lombardo, Giovanni; Ravenna, Federico - 2010
We show that the composition of imports has important implications for the optimal volatility of the exchange rate. Using input-output data for 25 countries we document substantial differences in the import and non-tradable content of final demand components, and in the role played by imported...
Persistent link: https://www.econbiz.de/10008771785
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Monetary policy, determinacy, and learnability in the open economy
Bullard, James Brian (contributor);  … - 2006
We study how determinacy and learnability of global rational expectations equilibrium may be affected by monetary policy in a simple, two country, New Keynesian framework. The two blocks may be viewed as the U.S. and Europe, or as regions within the euro zone. We seek to understand how monetary...
Persistent link: https://www.econbiz.de/10003320646
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What's up with the Phillips curve?
Del Negro, Marco; Lenza, Michele; Primiceri, Giorgio E.; … - 2020
an estimated DSGE model. It finds that the disconnect is due primarily to the muted reaction of inflation to cost … inflation stabilization also appears to have played some role by reducing the impact of demand shocks on the real economy. The …
Persistent link: https://www.econbiz.de/10012241237