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Rethinking the implications of monetary policy: How a transactions role for money transforms the predictions of our leading models

Thomas, Julia - In: Business Review (2009) Q1, pp. 19-28

Keynesian model to reintroduce money's liquidity role, we can resolve some of the remaining divorce between economic theory and …

Persistent link: https://www.econbiz.de/10005361457

The debate: Keynesians

Froewiss, Kenneth - In: FRBSF Economic Letter (1977)

Persistent link: https://www.econbiz.de/10005346451

New Keynesian models and their fit to the data

Dennis, Richard - In: FRBSF Economic Letter (2004)

In this Economic Letter, we discuss the basic properties of hybrid New Keynesian models and examine the extent to which they successfully explain U.S. macroeconomic data.

Persistent link: https://www.econbiz.de/10005352049

Evaluating interest rate rules in an estimated DSGE model

Cúrdia, Vasco; Ferrero, Andrea; Ng, Ging Cee; … - Federal Reserve Bank of New York - 2011

The empirical DSGE (dynamic stochastic general equilibrium) literature pays surprisingly little attention to the behavior of the monetary authority. Alternative policy rule specifications abound, but their relative merit is rarely discussed. We contribute to filling this gap by comparing the fit...

Persistent link: https://www.econbiz.de/10009292979

War on savings: modern monetary management in crisis

Oberholster, Sarel Johannes - In: Journal of Financial Regulation and Compliance 18 (2010) July, pp. 201-223

relying on patently incorrect economic theory with specific critique on the assumption that saving is equal to investment (S … liquidity trap, forbearance lending and an unwavering belief in the power to inflate. An alternative credit theory is presented … and discussed to explain the accumulation of monetary interventions in the modern banking environment. The credit theory …

Persistent link: https://www.econbiz.de/10009395141

Macro models and monetary policy analysis

Plosser, Charles I. - In: Speech (2012) May 25

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia. Bundesbank — Federal Reserve Bank of Philadelphia Spring 2012 Research Conference, Eltville, Germany, May 25, 2012

Persistent link: https://www.econbiz.de/10010551227

Assessing the macroeconomic effects of fiscal policy in Colombia

Lozano, Ignacio; Rodríguez, Karen - In: Journal of Financial Economic Policy 3 (2011) August, pp. 206-228

Purpose – The purpose of this paper is to study the short-term macroeconomic effects of the fiscal policy in Colombia for the 1980-2007 period using a structural vector autoregression (SVAR) model. Design/methodology/approach – The authors' benchmark is a five-variable SVAR model which...

Persistent link: https://www.econbiz.de/10010611020

Real wage rigidities and the New Keynesian model

Blanchard, Olivier; Galí, Jordi - Federal Reserve Bank of Boston - 2005

Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such trade-off. In that framework, stabilizing inflation is equivalent to stabilizing the welfare-relevant...

Persistent link: https://www.econbiz.de/10005713324

New Keynesian optimal-policy models: an empirical assessment

Dennis, Richard - Federal Reserve Bank of San Francisco - 2003

This paper estimates two optimization-based sticky-price New Keynesian models and assesses how well they describe U.S. output, inflation, and interest rate dynamics. We consider models in which either internal habit formation influence consumption behavior, and in which Calvo-pricing and...

Persistent link: https://www.econbiz.de/10005721442

Defining fundamental disequilibrium: Keynes's unheeded contribution

Cesarano, Filippo - In: Journal of Economic Studies 30 (2003) October, pp. 474-492

The Bretton Woods agreements set up the post-war monetary order on the basis of fixed exchange rates and autonomous national economic policy. Changes in parity were allowed in the case of fundamental disequilibrium, but this concept was not defined, promoting a lengthy but sterile debate. This...

Persistent link: https://www.econbiz.de/10005009701

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