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Monetary/fiscal policy regimes in post-war Europe
Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023
In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and inflation facts. Using a Dynamic Stochastic General Equilibrium model with Markov-switching policy rules, we identify three distinct monetary/fiscal regimes in France and Italy: a...
Persistent link: https://www.econbiz.de/10014482924
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The Euro-Area Government Spending Multiplier at the Effective Lower Bound
Amendola, Adalgiso - 2019
We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with Bayesian methods to compute government spending multipliers. The multipliers are contingent on the overall monetary policy stance, captured by a shadow monetary policy rate. In the...
Persistent link: https://www.econbiz.de/10012866218
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Policy and business cycle shocks : a structural factor model representation of the US economy
Forni, Mario; Gambetti, Luca - In: Journal of risk and financial management : JRFM 14 (2021) 8, pp. 1-21
We use a dynamic factor model to provide a semi-structural representation for 101 quarterly US macroeconomic series. We find that (i) the US economy is well described by a number of structural shocks between two and five. Focusing on the four-shock specification, we identify, using sign...
Persistent link: https://www.econbiz.de/10012626760
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A narrative approach to a fiscal DSGE model
Drautzburg, Thorsten - In: Quantitative economics : QE ; journal of the … 11 (2020) 2, pp. 801-837
based on narrative shocks. This paper asks whether both approaches agree. Specifically, I use narrative data in a DSGE‐SVAR …. In developing this narrative DSGE‐SVAR, I develop a tractable Bayesian approach to proxy VARs and show that such an … approach is valid for models with a certain class of Taylor rules. Estimating a DSGE‐SVAR based on a standard DSGE model with …
Persistent link: https://www.econbiz.de/10012214069
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A narrative approach to a fiscal DSGE model
Drautzburg, Thorsten - In: Quantitative Economics 11 (2020) 2, pp. 801-837
based on narrative shocks. This paper asks whether both approaches agree. Specifically, I use narrative data in a DSGE-SVAR …. In developing this narrative DSGE-SVAR, I develop a tractable Bayesian approach to proxy VARs and show that such an … approach is valid for models with a certain class of Taylor rules. Estimating a DSGE-SVAR based on a standard DSGE model with …
Persistent link: https://www.econbiz.de/10012215432
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An estimated model of a commodity-exporting economy for the integrated policy framework: Evidence from Mongolia
Doojav, Gan-Ochir; Gantumur, Munkhbayar - 2023
This paper develops an estimated New Keynesian model of a commodity-exporting economy for an integrated policy framework, integrating the full range of policies used in practice and featuring a range of nominal and real rigidities, macro-financial linkages, and transmission channels of external...
Persistent link: https://www.econbiz.de/10014374541
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A New Approach for the General Equilibrium Analysis. Increase of the Production and Employment with Monetary and Fiscal Boosts
Nomidis, Dimitrios - 2014
The purpose of this paper is to present an approach with regard to the dynamic process of the general equilibrium during the business cycle fluctuations following monetary and fiscal interventions, which, I think, could contribute to bridging the differences between the different schools of...
Persistent link: https://www.econbiz.de/10013053400
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Macroeconomic Shocks and the Business Cycle: Evidence from a Structural Factor Model fiscal
Forni, Mario; Gambetti, Luca - Barcelona Graduate School of Economics (Barcelona GSE) - 2010
We obtain the following results. (ii) Both supply and demand shocks are important sources of fluctuations; supply prevails for GDP, while demand prevails for employment and information. (ii) Policy matters: Both monetary and fiscal policy shocks have sizeable effects on output and prices, with...
Persistent link: https://www.econbiz.de/10010851335
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An estimated model of a commodity-exporting economy for the integrated policy framework : evidence from Mongolia
Doojav, Gan-Ochir; Gantumur, Munkhbayar - 2023
This paper develops an estimated New Keynesian model of a commodity-exporting economy for an integrated policy framework, integrating the full range of policies used in practice and featuring a range of nominal and real rigidities, macro-financial linkages, and transmission channels of external...
Persistent link: https://www.econbiz.de/10014249617
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Interaction of monetary and fiscal policies in Turkey
Büyükbaşaran, Tayyar; Çebi, Cem; Yılmaz, Erdal - In: Central Bank review / Central Bank of the Republic of Turkey 20 (2020) 4, pp. 193-203
Bayesian Structural Vector Autoregression (SVAR) model with sign and zero restrictions is used. We particularly focus on how …
Persistent link: https://www.econbiz.de/10012429632