Similar Search Results

The role of fiscal policy : a survey of recent empirical findings

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - 2023

DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on interest rates (ZLB), and varying price duration, can account well for recent macroeconomic behavior across a variety of economies. These models Önd that active Öscal policy...

Persistent link: https://www.econbiz.de/10014433366

Where next for monetary policy? : lessons from the financial crisis and the pandemic

Minford, Patrick - 2023

Monetary developments of recent decades began with much promise with inflation targeting by independent central banks; the financial crisis of 2007 ushered in a period of great monetary instability. There are lessons for a return to more stability. Central banks need to stabilize money supply...

Persistent link: https://www.econbiz.de/10014433376

UK monetary policy in an estimated DSGE model with state-dependent price and wage contracts

Chen, Haixia; Le, Vo Phuong Mai; Meenagh, David; … - 2023

Considerable micro-level evidence suggests that price/wage contract durations fluctuate with the state of the economy … into an open economy DSGE model to investigate the evidence of state-dependence in the UK economy's postwar behaviour. The …, monetary policy affects the degree to which the economy is close to the NK world, which in turn indirectly affects the response …

Persistent link: https://www.econbiz.de/10014434524

The eurozone : what is to be done?

Minford, Patrick; Ou, Zhirong; Wickens, Michael R.; … - 2021 - This draft: May2021

We construct a macro DSGE model of the eurozone and its two main regions, the North and the South, with the aim of matching the macro facts of these economies by indirect inference and using the resulting empirically-based model to assess possible new policy regimes. The model we have found to...

Persistent link: https://www.econbiz.de/10012591814

The role of fiscal policy in Britain's great inflation

Fan, Jingwen; Minford, Patrick; Ou, Zhirong - 2014

Persistent link: https://www.econbiz.de/10010440120

The role of fiscal policy in Britain's great inflation

Fan, Jingwen; Minford, Patrick; Ou, Zhirong - 2014

We investigate whether the Fiscal Theory of the Price Level (FTPL) can explain UK inflation in the 1970s. We confront the identification problem involved by setting up the FTPL as a structural model for the episode and pitting it against an alternative Orthodox model; the models have a reduced...

Persistent link: https://www.econbiz.de/10010413736

UK monetary and fiscal policy since the Great Recession - an evaluation

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick; … - 2023

to the global financial crisis. Using an open economy Dynamic Stochastic General Equilibrium (DSGE) model, we demonstrate …

Persistent link: https://www.econbiz.de/10014434836

The eurozone : what is to be done?

Minford, Patrick; Wickens, Michael R.; Ou, Zhirong; … - 2021

Persistent link: https://www.econbiz.de/10012588097

Modern monetary theory : the post-Crisis economy misunderstood?

Liu, Chunping; Minford, Patrick; Ou, Zhirong - 2022

Persistent link: https://www.econbiz.de/10013285960

Revisiting the Great Moderation : policy or luck?

Minford, Patrick; Ou, Zhirong; Wickens, Michael R. - 2014 - May 2012, updated April 2014

We investigate the relative roles of monetary policy and shocks in causing the Great Moderation, using indirect inference where a DSGE model is tested for its ability to mimic a VAR describing the data. A New Keynesian model with a Taylor Rule and one with the Optimal Timeless Rule are both...

Persistent link: https://www.econbiz.de/10010354539