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ECB-BASIR: A primer on the macroeconomic implications of the Covid-19 pandemic
Angelini, Elena; Damjanovi´c, Milan; Darracq Pariès, … - 2020
central bank modelling apparatus to the new economic landscape. We augment the ECB-BASE model with the predictive dynamics of …
Persistent link: https://www.econbiz.de/10012422093
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China, Europe, and the Great Divergence: Further Concerns about the Historical GDP Estimates for China
Solar, Peter M. - 2021
for China's population and its implications for dating the Great Divergence. This working paper assesses their revisions …, reaffirms concerns about the level of their 1840 benchmark, and points out the weaknesses of the population figures in greater … detail. The dating of the Great Divergence turns out to depend on the population series used and on the interpretation of …
Persistent link: https://www.econbiz.de/10012669566
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The Chicago Fed DSGE Model
Brave, Scott A.; Campbell, Jeffrey R.; Fisher, Jonas D. M. - 2012
The Chicago Fed dynamic stochastic general equilibrium (DSGE) model is used for policy analysis and forecasting at the Federal Reserve Bank of Chicago. This article describes its specification and estimation, its dynamic characteristics and how it is used to forecast the US economy. In many...
Persistent link: https://www.econbiz.de/10010292149
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Prognoseleistung von Frühindikatoren: Die Bedeutung von Frühindikatoren für Konjunkturprognosen - Eine Analyse für Deutschland
Hinze, Jörg - 2003
Das Papier untersucht die Rolle von Frühindikatoren bei der Erstellung von Konjunkturprognosen. Gegenstand der Analyse sind die Fragen: Welche Kriterien sollten Frühindikatoren generell erfüllen bzw. was sollten Frühindikatoren leisten? Inwieweit erfüllen die gängigen Indikatoren diese...
Persistent link: https://www.econbiz.de/10010295369
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New Keynesian macroeconomics: Entry for New Palgrave Dictionary of Economics, 2nd Edition
Dixon, Huw David - 2007
macroeconomics. The combination of NKM with dynamic macroeconomic modelling has led to the current orthodoxy: the new …
Persistent link: https://www.econbiz.de/10010322788
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Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach
Smets, Frank; Wouters, Raf - 2004
This paper estimates a DSGE model with many types of shocks and frictions for both the US and the euro area economy over a common sample period (1974-2002). The structural estimation methodology allows us to investigate whether differences in business cycle behaviour are due to differences in...
Persistent link: https://www.econbiz.de/10011604437
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Firm-specific production factors in a DSGE model with Taylor price setting
de Walque, Gregory; Smets, Frank; Wouters, Raf - 2006
This paper compares the Calvo model with a Taylor contracting model in the context of the Smets-Wouters (2003) Dynamic Stochastic General Equilibrium (DSGE) model. In the Taylor price setting model, we introduce firm-specific production factors and discuss how this assumption can help to reduce...
Persistent link: https://www.econbiz.de/10011604694
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Social distancing and supply disruptions in a pandemic
Bodenstein, Martin; Corsetti, Giancarlo; Guerrieri, Luca - In: Quantitative Economics 13 (2022) 2, pp. 681-721
We integrate an epidemiological model, augmented with contact and mobility analyses, with a two-sector macroeconomic model, to assess the economic costs of labor supply disruptions in a pandemic. The model is designed to capture key characteristics of the U.S. input-output tables with a core...
Persistent link: https://www.econbiz.de/10014537044
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Should banks be worried about dividend restrictions?
Schroth, Josef - 2023
Countercyclical bank capital requirements have emerged as a popular regulatory tool to help smooth financial cycles. The idea is to reduce capital requirements when exogenous shocks cause aggregate bank capital to decrease so that regulation does not needlessly constrain banks' supply of credit....
Persistent link: https://www.econbiz.de/10014544604
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On the structural interpretation of the Smets-Wouters "risk premium" shock
Fisher, Jonas D. M. - 2014
This article shows that the "risk premium" shock in Smets and Wouters (2007) can be interpreted as a structural shock to the demand for safe and liquid assets such as short-term US Treasury securities. Several implications of this interpretation are discussed.
Persistent link: https://www.econbiz.de/10011460655