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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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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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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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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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Adaptive Learning and Monetary Policy Design
Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2003
We review the recent work on interest rate setting, which emphasizes the desirability of designing policy to ensure stability under learning. Appropriately designed expectations-based rules can yield optimal rational expectations equilibria that are both determinate and stable under learning....
Persistent link: https://www.econbiz.de/10005791392
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The Role of Consumption-Labor Complementarity as a Source of Macroeconomic Instability
Gliksberg, Baruch - Volkswirtschaftliche Fakultät, … - 2010
The equilibrium ramification of a balanced budget rule are scrutinized in a one sector growth model augmented with investment frictions and a non-separable utility function in consumption and leisure. Edgeworth-complementarity between consumption and labor is formulated so as to generate a...
Persistent link: https://www.econbiz.de/10008534215
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Discussion: Indeterminacy, Causality, and the Foundations of Monetary Policy Analysis
Tille, Cédric; Assenmacher-Wesche, Katrin - In: Swiss Journal of Economics and Statistics (SJES) 146 (2010) I, pp. 121-130
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Persistent link: https://www.econbiz.de/10008489464
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Should monetary policy respond to private sector expectations?
Berardi, Michele - Volkswirtschaftliche Fakultät, … - 2008
This work analyses the implications, in terms of determinacy and E-stability of equilibrium, of a policy rule that …
Persistent link: https://www.econbiz.de/10008559090
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Determinacy and sunspots in a nonlinear monetary model
Cornaro, Alessandra; Agliari, Anna - Dipartimenti e Istituti di Scienze Economiche, … - 2010
in order to investigate the determinacy of the model and we find, for some policy and elasticity parameters, the …
Persistent link: https://www.econbiz.de/10008562427