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Should central banks be more aggressive?
Söderström, Ulf - Economics Institute for Research (SIR), … - 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/10005207188
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Válaszút elõtt a makroökonómia?
Mellár, Tamás - Közgazdaságtudományi Kar, Pécsi Tudományegyetem - 2010
A 2008-ban kitört pénzügyi válság ráirányította a figyelmet a mainstream makroökonómiára, amely a válság elõrejelzésében és magyarázatában rossz teljesítményt nyújtott. Az újklasszikus és az újkeynesi iskola közötti konszenzus eredményeként létrejött DSGE-modellek...
Persistent link: https://www.econbiz.de/10008611432
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Monetary policy with uncertain parameters
Söderström, Ulf - Economics Institute for Research (SIR), … - 1999
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
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Monetary Policy Amplification Effects through a Bank Capital Channel
Aguiar, Alvaro; Drumond, Inês - Money Macro and Finance Research Group - 2007
adequacy regulations and households' preferences for liquidity. Detailing a dynamic new Keynesian general equilibrium model, in … which households require a (countercyclical) liquidity premium to hold bank capital, we find that the introduction of bank … capital amplifies monetary shocks to the macroeconomy through a liquidity premium effect on the external finance premium. This …
Persistent link: https://www.econbiz.de/10004975698
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Pénz és kamat. A monetáris politika megújítása. (Money and Interest Rate. A New Approach to Monetary Policy)
Abel, Istvan - 2020
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
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Insurance Policies for Monetary Policy in the Euro Area
Wieland, Volker; Kuester, Keith - Society for Computational Economics - SCE - 2005
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
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Why Do Central Banks Push for Structural Reforms? The Case of a Reform in the Labor Market
Aguiar, Álvaro; Ribeiro, Ana Paula - Faculdade de Economia, Universidade do Porto - 2008
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
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Az infláció és az árazási magatartás regionális jellemzõi Magyarországon, mikroszintû adatok alapján
Reiff, Ádám; Zsibók, Zsuzsanna - Közgazdaságtudományi Kar, Pécsi Tudományegyetem - 2008
Boltszintû árstatisztikai felírások alapján a tanulmány a magyarországi inflációs folyamatok és árazási magatartás jellemzõinek regionális hasonlóságait és eltéréseit vizsgálja. Fõ tanulsága, hogy a hivatalos NUTS-II régiók nem képeznek önálló gazdasági egységeket,...
Persistent link: https://www.econbiz.de/10008578169
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THE FINANCING OF R&D INVESTMENTS: EFFECTS ON GROWTH AND FINANCIAL STRUCTURE
GAROFALO, Giuseppe; MORGANTI, Patrizio - In: Journal of Applied Economic Sciences 5 (2010) 2(12)/Summer2010, pp. 70-93
The financing of innovation impacts on economic growth. What’s, among bank-based or market-based system, the best organizational form? The paper supports the view that both forms have to be merged into a unique approach (law and finance view) embracing not only the overall quality of the...
Persistent link: https://www.econbiz.de/10008643971
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Bank relationships: effect on the availability and marginal cost of credit for firms in Argentina
Streb, Jorge M.; Bolzico, Javier; Druck, Pablo; Henke, … - Universidad del CEMA - 2002
The paper provides evidence on what affects at the margin the cost and availability of bank credit for firms in Argentina. We study in particular how banks use different pieces of private and public information to screen firms and overcome informational asymmetries in the credit market. Some...
Persistent link: https://www.econbiz.de/10005668752