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On the indeterminacy of determinacy and indeterminacy

Beyer, Andreas; Farmer, Roger E. A. - 2003

A number of authors have attemted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium … provide examples of two economic models. Model 1 displays an indeterminate equilibrium, driven by sunspots. Model 2 displays a … determinate equilibrium driven by fundamentals. Given assumptions about the shock distribution of model 2, it is possible to find …

Persistent link: https://www.econbiz.de/10009635896

Temporary shocks and unavoidable transitions to a high-unemployment regime

Den Haan, Wouter J. - 2003

rate) in which equilibrium selection is not conditioned on a sunspot variable. Instead, large enough shocks initiate …

Persistent link: https://www.econbiz.de/10009635968

On the indeterminacy of new-Keynesian economics

Beyer, Andreas; Farmer, Roger E. A. - 2004

We study identiÞcation in a class of three-equation monetary models. We argue that these models are typically not identiÞed. For any given exactly identiffed model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to...

Persistent link: https://www.econbiz.de/10009636546

A decade (and a global financial crisis) after Blinder

Bussière, Matthieu; Stracca, Livio - 2010

Periods of economic and financial stress traditionally give rise to profound changes in economic theory and in the way policy decisions are taken. Motivated by the recent interest in renewing macroeconomics after the global financial crisis, we collected the views of senior central bank staff in...

Persistent link: https://www.econbiz.de/10009640280

Real convergence and its illusions

Kolasa, Marcin - 2010

This paper uses the EAGLE, a multi-country dynamic general equilibrium model, to illustrate dynamic adjustments in a …

Persistent link: https://www.econbiz.de/10009640309

Interest rate effects of demographic changes in a New-Keynesian life-cycle framework

Kara, Engin; Thadden, Leopold von - 2010

is that demographic changes, while contributing slowly over time to a decline in the equilibrium interest rate, are not …

Persistent link: https://www.econbiz.de/10009640420

Putting the New Keynesian DSGE model to the real-time forecasting test

Kolasa, Marcin; Rubaszek, Michał; Skrzypczyński, Paweł - 2009

Dynamic stochastic general equilibrium models have recently become standard tools for policy-oriented analyses …

Persistent link: https://www.econbiz.de/10009640469

EU Enlargement: Benefits of the Single Market Expansion for Current and New Member States

Maliszewska, Maryla - 2004

The study suggests that the EU's eastward enlargement will be beneficial to the new members, while most EU countries will record minor welfare gains. Poland is expected to gain 3.4% of GDP, and Hungary almost 7%. The new members will experience production increases across almost all sectors,...

Persistent link: https://www.econbiz.de/10009636869

The new Lisbon strategy : an estimation of the economic impact of reaching five Lisbon targets

Gelauff, George M. M.; Lejour, Arjan M. - 2006

development expenditures, and 70% target on the employment rate. Using CPBu0092s general equilibrium model for the world economy … and economic growth, Lisbon agenda, general equilibrium model …

Persistent link: https://www.econbiz.de/10009637702

Working time and work–life balance in a life course perspective : A report based on the fifth European Working Conditions Survey

Anxo, Dominique; Franz, Christine; Kümmerling, Angelika - 2013

Understanding how working time is organised and how this is impacting on balance of work versus private life is of fundamental importance. This general statement is very much in accordance with the main objective of the Europe 2020 employment strategy, stating that at least 75% of the population...

Persistent link: https://www.econbiz.de/10011863911