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An equilibrium theory of nominal exchange rates

Hagedorn, Marcus - 2021

This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues in open economy macroeconomics. The nominal exchange rate and portfolio choices are jointly determined in equilibrium, thus providing a new approach to overcoming the...

Persistent link: https://www.econbiz.de/10012619299

Understanding HANK : insights from a PRANK

Acharya, Sushant; Dogra, Keshav - 2018

affects determinacy: procyclical risk permits determinacy even under an interest rate peg, while countercyclical income risk …

Persistent link: https://www.econbiz.de/10011795425

A behavioral heterogeneous agent New Keynesian model

Pfäuti, Oliver; Seyrich, Fabian - 2022

We propose a behavioral heterogeneous agent New Keynesian model in which monetary policy is amplified through indirect general equilibrium effects, fiscal multipliers can be larger than one and which delivers empirically-realistic intertemporal marginal propensities to consume. Simultaneously,...

Persistent link: https://www.econbiz.de/10012815994

How does population aging affect the effectiveness of monetary and fiscal policies?

Yoshino, Naoyuki; Miyamoto, Hiroaki - 2019

This paper studies how population aging affects macroeconomic performance and the effectiveness of macroeconomic policies. By using a new Keynesian dynamic stochastic general equilibrium model with heterogeneous households, we find that the effectiveness of monetary policy diminishes as...

Persistent link: https://www.econbiz.de/10012137066

Monetary-fiscal policies interactions and optimal rules in Egypt

Al-Shawarby, Sherine H.; Mossallamy, Mai el - In: Review of economics and political science : REPS 4 (2019) 2, pp. 138-157

Purpose - This paper aims to estimate a New Keynesian small open economy dynamic stochastic general equilibrium (DSGE … rules. Design/methodology/approach - The study extends the stylized micro-founded small open economy New Keynesian DSGE …

Persistent link: https://www.econbiz.de/10012159965

Optimal simple and implementable monetary and fiscal rules

Schmitt-Grohé, Stephanie; Uribe, Martín - 2007

determinacy of equilibrium. Second, optimal monetary policy features a muted response to output. More importantly, interest rate …

Persistent link: https://www.econbiz.de/10010292297

Investment spending, equilibrium indeterminacy, and the interactions of monetary and fiscal policy

Lubik, Thomas A. - 2003

This paper investigates determinacy of equilibrium in a canonical New Keynesian model under different monetary and … for equilibrium determinacy, when fiscal policy is accommodating. If there is a high degree of structural distortions in … maintained. The determinacy region is, however, highly dependent on the degree of distortion in the economy. The more prices are …

Persistent link: https://www.econbiz.de/10010293451

Monetary and fiscal policy rules in a model with capital accumulation and potentially non-superneutral money

von Thadden, Leopold - 2002

We consider the properties of two monetary policy rules (monetary targeting, Taylor-type interest rate rule) in an intertemporal equilibrium model with capital accumulation and two outside assets (government bonds, fiat money). The paper shows that the long-run behaviour of the economy depends...

Persistent link: https://www.econbiz.de/10010295739

Active monetary policy, passive fiscal policy and the value of public debt: some further monetarist arithmetic

von Thadden, Leopold - 2003

We consider the properties of two monetary policy rules ("strict inflation targeting", "constant money growth rule") in an intertemporal equilibrium model with flexible prices in which monetary policy is "active", while fiscal policy is "passive". Specifically, we assume that the fiscal agent...

Persistent link: https://www.econbiz.de/10010295760

Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers

Leith, Campbell; von Thadden, Leopold - 2006

values of steady-state debt, leading to qualitative changes in the local determinacy requirements. These features extend the …

Persistent link: https://www.econbiz.de/10010295809

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