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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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Testing for Parameter Stability in DSGE Models. The Cases of France, Germany, Italy, and Spain
Jerger, Jürgen; Röhe, Oke - 2012
We estimate a New Keynesian DSGE model on French, German, Italian, and Spanish data. The main aim of this paper is to … properties of each single parameter in a DSGE model separately. In the case of France, Germany, and Italy our results point to …
Persistent link: https://www.econbiz.de/10010294717
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Money in a New-Keynesian model estimated with German data
Werner, Thomas; Lombardo, Giovanni; Kremer, Jana - 2003
In this paper we estimate a simple New-Keynesian DSGE model with German data for the sample period 1970:q1 to 1998:q4 …
Persistent link: https://www.econbiz.de/10010295763
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Cross-border banking and business cycles in asymmetric currency unions
Dräger, Lena; Proaño, Christian R. - 2015
purpose, we incorporate in an otherwise standard two-region monetary union DSGE model a banking sector module along the lines …
Persistent link: https://www.econbiz.de/10011301349
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Risk, Intermediate Input Prices and Missing Deflation During the Great Recession
Kara, Engin; Pirzada, Ahmed Jamal - 2015
During the Great Recession, despite the large fall in output, inflation did not fall much. This is known as the missing deflation puzzle. In this paper, we develop and estimate a New Keynesian Dynamic Stochastic General Equilibrium model to provide an explanation for the puzzle. The new model...
Persistent link: https://www.econbiz.de/10011307091