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Is increased price flexibility stabilizing? : redux
Bhattarai, Saroj; Eggertsson, Gauti B.; Schoenle, Raphael - 2012
equilibrium (DSGE) model. First, using a simplified version of the model, we show analytically that the results depend on the …-scale DSGE model using post-WWII U.S. data and Bayesian methods and, conditional on the estimates of structural parameters and … flexibility ; aggregate volatility ; systematic monetary policy ; DSGE model ; Bayesian estimation …
Persistent link: https://www.econbiz.de/10009521652
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The role of fiscal policy : a survey of recent empirical findings
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - 2023
DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on …
Persistent link: https://www.econbiz.de/10014433366
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Fiscal Rules and Monetary Policy in a Dynamic Stochastic General Equilibrium Model
Kremer, Jana - 2016
Persistent link: https://www.econbiz.de/10012991349
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Heterogeneity in staggered wage bargaining and unemployment volatility puzzle
Kara, Engin; Park, Yongmin - 2017
It has been noted that the search and matching model cannot account for the observed unemployment fluctuations. Gertler and Trigari (2009) show this weakness of the model disappears when wage stickiness is introduced to the model. Pissarides (2009) disagrees with this modification, arguing that...
Persistent link: https://www.econbiz.de/10011669046
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Policy and Spillover Analysis in the World Economy : A Panel Dynamic Stochastic General Equilibrium Approach
Vitek, Francis - 2014
This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover...
Persistent link: https://www.econbiz.de/10013040410
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Policy Analysis and Forecasting in the World Economy : A Panel Dynamic Stochastic General Equilibrium Approach
Vitek, Francis - 2014
This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model encompasses an approximate linear panel dynamic stochastic general equilibrium model featuring a monetary transmission...
Persistent link: https://www.econbiz.de/10013060545
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The effect of heterogeneuous wage contracts on macroeconomic volatility in a financially fragile economy
Kim, Jongheuk - In: East Asian economic review 21 (2017) 2, pp. 167-197
I build a small open economy (SOE) dynamic stochastic general equilibrium (DSGE) model to investigate the effect of a …
Persistent link: https://www.econbiz.de/10011765066
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Managing households' expectations with salient economic policies
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019
The empirical effectiveness of economic policies that operate theoretically through similar channels differs substantially. We document this fact by comparing an easy-to-grasp expectations-based policy, unconventional fiscal policy, with a policy whose implications are harder to understand by...
Persistent link: https://www.econbiz.de/10012057290
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Managing households' expectations with unconventional policies
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2021
Binding lower bounds on interest rates and large government deficits limit the scope of fiscal and monetary policies to stimulate households' spending through financial intermediaries and firms. Policymakers have thus been implementing unconventional policies that aim to increase households'...
Persistent link: https://www.econbiz.de/10012490917
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Recent U.S. Macroeconomic Stability : Good Policies, Good Practices, or Good Luck?
Ahmed, Shaghil; Levin, Andrew T.; Wilson, Beth Anne - 2003
The volatility of U.S. real GDP growth since 1984 has been markedly lower than that over the previous quarter-century. In this paper, we utilize frequency-domain and VAR methods to distinguish among several competing explanations for this phenomenon: improvements in monetary policy, better...
Persistent link: https://www.econbiz.de/10014112860