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Optimal monetary and fiscal policy with a zero bound on nominal interest rates
Schmidt, Sebastian - 2012
I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal interest rates may occasionally hit the zero lower bound. The benevolent policymaker controls the short-term nominal interest rate and the level of government spending. Under discretionary policy,...
Persistent link: https://www.econbiz.de/10010368548
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Endogenous forward guidance
Vogel, Lukas - 2019
DSGE model and estimate it with US data. Our findings suggest that FG during the Great Recession may have partly reflected …
Persistent link: https://www.econbiz.de/10012099148
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Gazing at r-star: A hysteresis perspective
Beaudry, Paul; Kartashova, Katya; Meh, Césaire Assah - 2023
Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to...
Persistent link: https://www.econbiz.de/10014544603
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(Optimal) monetary policy with and without debt
Chafwehé, Boris; Oikonomou, Rigas; Priftis, Romanos; … - 2021
standard medium scale DSGE model calibrated to the US. Optimal passive monetary policy with debt concerns is ineffective in …
Persistent link: https://www.econbiz.de/10012619612
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Stabilizing an unstable economy: on the choice of proper policy measures
Asada, Toichiro; Chiarella, Carl; Flaschel, Peter; … - 2009
Currently, many monetary and fiscal policy measures are aimed at preventing the financial market meltdown that started in the US subprime sector and has spread worldwide as a great recession. Although some slow recovery appears to be on the horizon, it is worthwhile exploring the fragility and...
Persistent link: https://www.econbiz.de/10010299486
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Stabilizing an unstable economy: On the choice of proper policy measures
Asada, Toichiro; Chiarella, Carl; Flaschel, Peter; … - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-21, pp. 1-43
In the last months, the world's economies were confronted with the largest economic recession since the Great Depression. The occurrence of a worldwide financial market meltdown as a consequence originally stemming from of the crisis in the US subprime housing sector was only prevented by...
Persistent link: https://www.econbiz.de/10010300733
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A narrative approach to a fiscal DSGE model
Drautzburg, Thorsten - In: Quantitative Economics 11 (2020) 2, pp. 801-837
Structural DSGE models are used for analyzing both policy and the sources of business cycles. Conclusions based on full … based on narrative shocks. This paper asks whether both approaches agree. Specifically, I use narrative data in a DSGE …-SVAR that partially identify policy shocks in the VAR and assess the fit of the DSGE model relative to this narrative benchmark …
Persistent link: https://www.econbiz.de/10012215432
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An estimated model of a commodity-exporting economy for the integrated policy framework: Evidence from Mongolia
Doojav, Gan-Ochir; Gantumur, Munkhbayar - 2023
This paper develops an estimated New Keynesian model of a commodity-exporting economy for an integrated policy framework, integrating the full range of policies used in practice and featuring a range of nominal and real rigidities, macro-financial linkages, and transmission channels of external...
Persistent link: https://www.econbiz.de/10014374541
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The debt brake: business cycle and welfare consequences of Germany's new fiscal policy rule
Mayer, Eric; Stähler, Nikolai - 2009
In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a …
Persistent link: https://www.econbiz.de/10010298840
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The welfare implications of fiscal dominance
De Resende, Carlos; Rebei, Nooman - 2008
This paper studies the interdependence between fiscal and monetary policy in a DSGE model with sticky prices and non …
Persistent link: https://www.econbiz.de/10010280002