We show that actively stabilizing economic activity plays a more prominent role in the conduct of monetary policy when potential output is subject to hysteresis. We augment a basic NewKeynesian model by hysteresis in potential output and contrast simulation outcomes of this extended model to the...

In contrast to the present consensus view of stabilization policy, theoretical and empirical research strongly support the consideration of supply-side adjustment to pronounced variations of factor-utilization in order to trace a more realistic pattern of macroeconomic adjustment dynamics within...

We show that actively stabilizing economic activity plays a more prominent role in the conduct of monetary policy when potential output is subject to hysteresis. We augment a basic New Keynesian model by hysteresis in potential output and contrast simulation outcomes of this extended model to...

Die Dissertation besteht aus drei eigenständigen Aufsätzen im Bereich der Makroökonomie. Jeder Aufsatz behandelt ein unterschiedliches Thema, und zwar (i) die Beeinflussung des Produktionspotenzials durch die Produktionslücke, (ii) Langzeitarbeitslosigkeit und Fähigkeitsverluste sowie (iii)...