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approach is the insight that epidemic dynamics are best tracked over stages, rather than over time. We use a normalization … the stage of the epidemic at the time of policy implementation. This variation delivers clean identification of the policy … policy intervention. Its effectiveness evolves with the epidemic and is larger when implemented at earlier stages. …
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The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international economic research. Using a 5-region version of the GIMF, this paper illustrates the model’s...
Persistent link: https://www.econbiz.de/10011242434
This paper presents a procedure to determine policy feedback rules in dynamic stochastic general equilibrium (DSGE) models. We illustrate our approach with fiscal feedback rules for tax instruments in a standard medium-scale DSGE model. First, we approximate the optimal dynamic behavior of the...
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. Although the identification of SVARs with sign and zero restrictions is theoretically attractive because it allows the …
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the identification problem involved by setting up the FTPL as a structural model for the episode and pitting it against an …
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