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Lucas on the relationship between theory and ideology
De Vroey, Michel - 2010
. Particular attention is paid to his views on the relationship between theory and ideology. I start by setting out Lucas's non …-standard conception of theory: to him, a theory and a model are the same thing. I also explore the different facets and implications of … 'non-interference' precept (the proposition that ideological viewpoints should not influence theory), and the 'non …
Persistent link: https://www.econbiz.de/10010303837
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Lucas on the relationship between theory and ideology
De Vroey, Michel - In: Economics: The Open-Access, Open-Assessment E-Journal 5 (2011) 2011-4, pp. 1-39
. Particular attention is paid to his views on the relationship between theory and ideology. I start by setting out Lucas's non …-standard conception of theory: to him, a theory and a model are the same thing. I also explore the different facets and implications of … 'non-interference' precept (the proposition that ideological viewpoints should not influence theory), and the 'non …
Persistent link: https://www.econbiz.de/10010304313
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Near-rationality and inflation in two monetary regimes
Ball, Laurence - 2000
Sticky-price models with rational expectations fail to capture the inertia in US inflation Models with backward-looking expectations capture current inflation behavior but are unlikely to fit other monetary regimes This paper seeks to overcome these problems with a near-rational model of...
Persistent link: https://www.econbiz.de/10010293488
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Optimal Monetary Policy in an Optimizing Stochastic Dynamic Model with Sticky Prices
Gail, Michael - 2000
Recently macroeconomic researchers have begun studying models of optimal monetary policy within the Real Business Cycle (RBC) framework. A standard RBC model is augmented by New Keynesian elements like sticky prices and monopolistically competitive firms. The monetary authority acts as a social...
Persistent link: https://www.econbiz.de/10010322062
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Persistency and Money Demand Distortions in a Stochastic DGE Model with Sticky Prices and Capital
Gail, Michael - 2002
This paper considers the implications of adding capital as a factor of production in a stochastic DGE model with sticky prices. Particular attention is given to the role of money demand and to the form of the utility function. I consider cash-in-advance- (CIA) as well as...
Persistent link: https://www.econbiz.de/10010322084
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Habit Persistence in Consumption in a Sticky Price Model of the Business Cycle
Gail, Michael - 2003
This paper examines the role of habit persistence in consumption in explaining persistent responses of inflation and output to money growth shocks. A monetary stochastic dynamic general equilibrium (DGE) model with a money-in-the-utility-function (MIU-) setup is augmented by habit formation in...
Persistent link: https://www.econbiz.de/10010322086
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Persistency and Money Demand Distortions in a Stochastic DGE Model with Sticky Prices
Gail, Michael - 2001
Recently macroeconomists have intensified their efforts to develop models that are able to generate persistent reactions of real variables to monetary shocks in stochastic DGE models with nominal rigidities. This has proven to be quite difficult in models with price staggering only. Most papers...
Persistent link: https://www.econbiz.de/10010322088
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U.S. evolving macroeconomic dynamics: a structural investigation
Benati, Luca; Mumtaz, Haroon - 2007
We fit a Bayesian time-varying parameters structural VAR with stochastic volatility to the Federal Funds rate, GDP deflator inflation, real GDP growth, and the rate of growth of M2. We identify 4 shocks–monetary policy, demand non-policy, supply, and money demand–by imposing sign...
Persistent link: https://www.econbiz.de/10011604792
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New classical and Austrian business cycle theory: Is there a difference?
Scheide, Joachim - In: Weltwirtschaftliches Archiv 122 (1986) 3, pp. 575-598
Persistent link: https://www.econbiz.de/10010313998
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Measuring systematic monetary policy
Hoover, Kevin D.; Jordá, Oscar - 2000
The 1970s and early 1980s witnessed two main approaches to the analysis of monetary policy. The first is the early new classical approach of Lucas, based on the assumptions of rational expectations and market clearing. The second is the a theoretical econometrics of Simsâ??s VAR program. Both...
Persistent link: https://www.econbiz.de/10010318593