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Rule-of-thumb Consumers, Consumption Habits and the Taylor Principle
Motta, Giorgio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2010
performance of DSGE mod- els, resurrecting Bilbiie's (2008) inverted Taylor principle. Another origi- nal contribution of the …
Persistent link: https://www.econbiz.de/10010618396
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Money Targeting, Heterogeneous Agents and Dynamic Instability
Motta, Giorgio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2013
debate on DSGE models determinacy when the central bank implements a standard Taylor rule. We reconsider the issue here in …
Persistent link: https://www.econbiz.de/10010901438
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Limited Asset Market Participation, Income Inequality and Macroeconomic Volatility
Motta, Giorgio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2013
Keynesian DSGE model we uncover a causality link between limited asset market participation, consumption inequality and … the dynamic performance of the model close to the one generated by representative-agent DSGE models. …
Persistent link: https://www.econbiz.de/10010901419
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Income inequality and macroeconomic stability in a New Keynesian model with limited asset market participation
Motta, Giorgio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2012
We reconsider the issue of equilibrium determinacy under the limited asset market participation hypothesis in a medium … have mutually reinforcing adverse e¤ects on determinacy. We therefore uncover a causality link between long-run inequality … and macroeconomic volatility in a New-Keynesian DSGE model. In our framework, redistributive polices targeting consumption …
Persistent link: https://www.econbiz.de/10010618395
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Money targeting, heterogeneous agents and dynamic instability
Motta, Giorgio; Tirelli, Patrizio - Department of Economics, Management School - 2010
debate on DSGE models determinacy when the central bank implements a standard Taylor rule. We reconsider the issue here in …
Persistent link: https://www.econbiz.de/10011165330
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Robust Learning Stability with Operational Monetary Policy Rules
Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008
We consider "robust stability" of a rational expectations equilibrium, which we define as stability under discounted (constant gain) least-squares learning, for a range of gain parameters. We find that for operational forms of policy rules, i.e. rules that do not depend on contemporaneous values...
Persistent link: https://www.econbiz.de/10005498187
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Monetary Policy Indeterminacy and Identification Failures in the US: Results from a Robust Test
Castelnuovo, Efrem; Fanelli, Luca - Dipartimento di Scienze Economiche "Marco Fanno", … - 2013
) that the new-Keynesian system places on its reduced form solution under determinacy. If the CER are not rejected, we rule …
Persistent link: https://www.econbiz.de/10011156745
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Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation - Comment
Arias, Jonas E.; Ascari, Guido; Branzoli, Nicola; … - Federal Reserve Board (Board of Governors of the … - 2014
Working with a small-scale calibrated New-Keynesian model, Coibion and Gorodnichenko (2011) find that the reduction in trend inflation during Volcker's mandate was a key factor behind the Great Moderation. We revisit this finding with an estimated New-Keynesian model with trend inflation and no...
Persistent link: https://www.econbiz.de/10011268461
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Currency substitution, risk premia and the Taylor principle
Airaudo, Marco - In: Journal of Economic Dynamics and Control 48 (2014) C, pp. 202-217
This paper studies the equilibrium determinacy properties of a simple interest rate rule in a small open economy …
Persistent link: https://www.econbiz.de/10011077510
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Price indexation, habit formation, and the Generalized Taylor Principle
Bhattarai, Saroj; Lee, Jae Won; Park, Woong Yong - In: Journal of Economic Dynamics and Control 48 (2014) C, pp. 218-225
condition for determinacy in a sticky price model with interest rate smoothing in monetary policy, partial dynamic price …
Persistent link: https://www.econbiz.de/10011077520