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Rule-of-thumb Consumers, Consumption Habits and the Taylor Principle
Motta, Giorgio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2010
performance of DSGE mod- els, resurrecting Bilbiie's (2008) inverted Taylor principle. Another origi- nal contribution of the …
Persistent link: https://www.econbiz.de/10010618396
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Money Targeting, Heterogeneous Agents and Dynamic Instability
Motta, Giorgio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2013
debate on DSGE models determinacy when the central bank implements a standard Taylor rule. We reconsider the issue here in …
Persistent link: https://www.econbiz.de/10010901438
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Optimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation
Motta, Giorgio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2011
When the central bank is the sole policymaker, the combination of limited asset market participation and consumption habits can have dramatic implications for the optimal monetary policy rule and for stability properties of a business cycle model characterized by price and nominal wage...
Persistent link: https://www.econbiz.de/10008865965
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Limited Asset Market Participation, Income Inequality and Macroeconomic Volatility
Motta, Giorgio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2013
Keynesian DSGE model we uncover a causality link between limited asset market participation, consumption inequality and … the dynamic performance of the model close to the one generated by representative-agent DSGE models. …
Persistent link: https://www.econbiz.de/10010901419
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Income inequality and macroeconomic stability in a New Keynesian model with limited asset market participation
Motta, Giorgio; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2012
We reconsider the issue of equilibrium determinacy under the limited asset market participation hypothesis in a medium … have mutually reinforcing adverse e¤ects on determinacy. We therefore uncover a causality link between long-run inequality … and macroeconomic volatility in a New-Keynesian DSGE model. In our framework, redistributive polices targeting consumption …
Persistent link: https://www.econbiz.de/10010618395
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Money targeting, heterogeneous agents and dynamic instability
Motta, Giorgio; Tirelli, Patrizio - Department of Economics, Management School - 2010
debate on DSGE models determinacy when the central bank implements a standard Taylor rule. We reconsider the issue here in …
Persistent link: https://www.econbiz.de/10011165330
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Monetary Policy Indeterminacy and Identification Failures in the U.S.: Results from a Robust Test
Castelnuovo, Efrem; Fanelli, Luca - Melbourne Institute of Applied Economic and Social … - 2014
reduced form solution under determinacy. If the CER are not rejected, sunspot-driven expectations can be ruled out from the …
Persistent link: https://www.econbiz.de/10010902168
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Price Indexation, Habit Formation, and the Generalized Taylor Principle
Bhattarai, Saroj; Lee, Jae Won; Park, Woong Yong - Crawford School of Public Policy, Australian National … - 2013
determinacy in a sticky price model with positive steady-state inflation, interest rate smoothing in monetary policy, partial …
Persistent link: https://www.econbiz.de/10010904268
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Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation - Comment
Arias, Jonas E.; Ascari, Guido; Branzoli, Nicola; … - Federal Reserve Board (Board of Governors of the … - 2014
Working with a small-scale calibrated New-Keynesian model, Coibion and Gorodnichenko (2011) find that the reduction in trend inflation during Volcker's mandate was a key factor behind the Great Moderation. We revisit this finding with an estimated New-Keynesian model with trend inflation and no...
Persistent link: https://www.econbiz.de/10011268461
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Determinacy of Interest Rate Rules with Bond Transaction Services in a Cashless Economy
Marzo, Massimiliano; Zagaglia, Paolo - Nationalekonomiska institutionen, Stockholms Universitet - 2008
Canzoneri and Diba (2004) show that the Taylor principle is not a panacea for equilibrium determinacy in a model where …
Persistent link: https://www.econbiz.de/10005207069