Chapter 1: Optimal Long-Run Inflation with Occasionally-Binding Financial Constraints.This paper studies the optimal inflation rate in a simple New Keynesian model with occasionally-binding collateral constraints that intermediate-good firms face on hiring labor. For empirically-relevant degrees...

The dissertation studies the relationship among durable goods, price indexes andmonetary policy in two sticky-price models with durable goods. One is a one-sectormodel with only durable goods and the other is a two-sector model with durable andnon-durable goods.In the models with durable goods,...

Wie sollten Zentralbanken Geldpolitik gestalten und der Öffentlichkeit kommunizieren, um die Ökonomie bestmöglich zu stabilisieren? Diese Dissertation, bestehend aus drei selbständigen Essays in dynamischer Makroökonomik, widmet sich in erster Linie dem normativen Aspekt von Geldpolitik....

Diese Doktorarbeit untersucht drei Fragestellungen. Erstens, wie die Wirkung von plötzlichen Änderungen exogener Faktoren auf endogene Variablen empirisch im Allgemeinen zu bestimmen ist. Zweitens, welche Effekte eine Erhöhung der Staatsausgaben im Speziellen hat. Drittens, wie optimale...

Incluye un apéndice en línea ; Los modelos de mercados incompletos con agentes heterogéneos están cobrando especial relevancia en los análisis de políticas económicas. En este documento proponemos una nueva metodología para resolver problemas de políticas dinámicas óptimas, tanto...

La investigación empírica sugiere que los tipos de interés más bajos inducen a los bancos a asumir mayores riesgos. Analizamos lo que este canal de toma de riesgos implica para la política monetaria óptima en un modelo neokeynesiano manejable. Mostramos que este canal crea un motivo para...

Intertemporal general-equilibrium models with Keynesian features such as imperfect competition and imperfectly flexible prices which give rise to a (at least) short-run non-neutrality of monetary policy have become the workhorse model for monetary macroeconomics. This thesis now makes four...

I study the evolution of aggregate volatility in the US during the postwar period by assessing the relative role played by financial shocks, technological progress, and changes in the financial system. Balance-sheet variables of firms have been characterized by greater volatility since the early...

This thesis explores the important link between macroeconomic dynamics and the financial sector. The first essay studies Epstein-Zin preferences, which are found to be able to account for both aggregate macroeconomic dynamics and asset prices. In the first essay, I compare different solution...

Developing country fiscal policy outcomes documented in data point to stark differences compared with developed ones. Most prominent difference is the excessive volatility of government consumption and transfer payments and their positive correlation relative to output. This seemingly...