Showing 1 - 10 of 12
This paper was commissioned by DG ECFIN from the EU Commission as part of the "EMU@10" project and is published in Hungarian language by the permission of the EU Commission. The original English language version of the paper is available at:...
Persistent link: https://www.econbiz.de/10010494377
This paper was commissioned by DG ECFIN from the EU Commission as part of the "EMU@10" project and is published in Hungarian language by the permission of the EU Commission. The original English language version of the paper is available at:...
Persistent link: https://www.econbiz.de/10003770688
Hungarian Abstract: A hagyományos közgazdaságtan a reálelemzés keretében érvel, és ez akadálya a valós gazdasági folyamatok megértésének. Schumpeter és Keynes kritizálta ezt a megközelítést és helyette a monetáris elemzést alkalmazta. Ezt az elméleti alapvetést követem,...
Persistent link: https://www.econbiz.de/10012849610
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/10005207188
In this paper, we examine the cost of insurance against model uncertainty for the Euro area considering four alternative reference models, all of which are used for policy-analysis at the ECB. We find that maximal insurance across this model range in terms of a Minimax policy comes at moderate...
Persistent link: https://www.econbiz.de/10005345043
In our dynamic optimizing sticky price model, agents are heterogenous with regard to their assets and their income. Unanticipated inflation redistributes income and wealth. In order to model the wealth distribution, we study a 60-period OLG model with aggregate uncertainty. A positive technology...
Persistent link: https://www.econbiz.de/10005345083
This paper improves the analysis of the role of financial frictions in the transmission of monetary policy, by bringing together the borrowers' balance sheet channel with an additional channel working through bank capital, considering capital adequacy regulations and households' preferences for...
Persistent link: https://www.econbiz.de/10004975698
In spite of being mainly concerned with stabilization policies, central banks in many developed countries often advocate the necessity of structural reforms. In turn, demand-side policies - such as monetary policy - can often help improving the political support of reforms (two-handed-approach)....
Persistent link: https://www.econbiz.de/10005031605
We investigate, theoretically and empirically, the relationship between monetary policy and the term structure of interest rates. In particular, we show in a dynamic macroeconomic model that if monetary policy reveals information about economic developments, interest rates of all maturities move...
Persistent link: https://www.econbiz.de/10005649304
In a simple dynamic macroeconomic model, it is shown that uncertainty about structural parameters does not necessarily lead to more cautious monetary policy, refining the accepted wisdom concerning the effects of parameter uncertainty on optimal policy. In particular, when there is uncertainty...
Persistent link: https://www.econbiz.de/10005649477