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Benefits and spillovers of greater competition in Europe: a macroeconomic assessment
Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo - 2004
Using a general-equilibrium simulation model featuring nominal rigidities and monopolistic competition in product and labor markets, this paper estimates the macroeconomic benefits and international spillovers of an increase in competition. After calibrating the model to the euro area vs. the...
Persistent link: https://www.econbiz.de/10011604387
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Welfare-based monetary policy rules in an estimated DSGE model of the US economy
Juillard, Michel; Karam, Philippe; Laxton, Douglas; … - 2006
We develop and estimate a stylized micro-founded model of the US economy. Next we compute the parameters of a simple interest rate policy rule that maximizes the unconditional mean of utility. We show that such a welfare-based rule lies close to the Taylor efficiency frontier. A counterfactual...
Persistent link: https://www.econbiz.de/10011604659
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Benefits and spillovers of greater competition in Europe
Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo - 2004
Using a general-equilibrium simulation model featuring nominal rigidities and monopolistic competition in product and labor markets, this paper estimates the macroeconomic benefits and international spillovers of an increase in competition. After calibrating the model to the euro area vs. the...
Persistent link: https://www.econbiz.de/10009639395
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Benefits and spillovers of greater competition in Europe: A macroeconomic assessment
Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo - 2004
We estimate the macroeconomic benefits and international spillovers of an increase in competition using a general-equilibrium simulation model with nominal rigidities and monopolistic competition in product and labor markets. We draw three conclusions after calibrating the model to the euro area...
Persistent link: https://www.econbiz.de/10010283416
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Getting to Know GIMF : The Simulation Properties of the Global Integrated Monetary and Fiscal Model
Anderson, Derek - 2014
experiments, including fiscal, monetary, financial, demand, supply, and international shocks …
Persistent link: https://www.econbiz.de/10013064363
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Deflationary Shocks and Monetary Rules : An Open-Economy Scenario Analysis
Laxton, Douglas - 2006
The paper considers the macroeconomic transmission of demand and supply shocks in an open economy under alternative … model calibrated to the Japanese economy relative to the rest of the world. Negative demand shocks have more prolonged and … conspicuous effects on the economy when the ZIF is binding than when it is not binding. Positive supply shocks can actually extend …
Persistent link: https://www.econbiz.de/10012732498
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Practical Model-Based Monetary Policy Analysis : A How-To Guide
Berg, Andrew - 2006
This paper provides a how-to guide to model-based forecasting and monetary policy analysis. It describes a simple structural model, along the lines of those in use in a number of central banks. This workhorse model consists of an aggregate demand (or IS) curve, a price-setting (or Phillips)...
Persistent link: https://www.econbiz.de/10012780166
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A Practical Model-Based Approach to Monetary Policy Analysis - Overview
Berg, Andrew - 2006
This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary...
Persistent link: https://www.econbiz.de/10012780167
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Capacity Constraints, Inflation and the Transmission Mechanism : Forward-Looking Versus Myopic Policy Rules
Laxton, Douglas - 2006
This paper develops a small model of the output-inflation process in the United States in order to examine the implications of alternative monetary policy rules. In particular, two types of policy rules are considered; a myopic rule where interest rates respond contemporaneously to output and...
Persistent link: https://www.econbiz.de/10012781884
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Strengthening the Monetary Policy Framework in Korea
Clinton, Kevin - 2019
Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However, after the global financial crisis (GFC) monetary policy faced more challenging conditions. Inflation slipped below the target range in 2012 and remains below it despite a cut in...
Persistent link: https://www.econbiz.de/10012868478