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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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Monetary Policy Indeterminacy and Identification Failures in the U.S.: Results from a Robust Test
Castelnuovo, Efrem; Fanelli, Luca - Melbourne Institute of Applied Economic and Social … - 2014
reduced form solution under determinacy. If the CER are not rejected, sunspot-driven expectations can be ruled out from the …
Persistent link: https://www.econbiz.de/10010902168
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Price Indexation, Habit Formation, and the Generalized Taylor Principle
Bhattarai, Saroj; Lee, Jae Won; Park, Woong Yong - Crawford School of Public Policy, Australian National … - 2013
determinacy in a sticky price model with positive steady-state inflation, interest rate smoothing in monetary policy, partial …
Persistent link: https://www.econbiz.de/10010904268
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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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Limited Asset Market Participation: Does it Really Matter for Monetary Policy?
Ascari, Guido; Colciago, Andrea; Rossi, Lorenza - Dipartimento di Scienze Economiche e Aziendali, … - 2010
determinacy for any empirically plausible degree of LAMP; ii) the effect of LAMP for the design of optimal monetary policy are …
Persistent link: https://www.econbiz.de/10009651066
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A Case for Interest Rate Inertia in Monetary Policy
Bask, Mikael - Nationalekonomiska Institutionen, Uppsala Universitet - 2011
We argue that it is not necessary for the central bank to react to the exchange rate to have a desirable outcome in the economy. Indeed, when the Taylor rule includes contemporaneous data on the variables in the rule, the central bank can disregard from the exchange rate as long as there is...
Persistent link: https://www.econbiz.de/10009324198