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Understanding Post-Pandemic Inflation Dynamics with a Behavioral Macroeconomic Model of the Canadian Economy
Grazzini, Jakob; Hommes, Cars H.; Poledna, Sebastian; … - 2023
This paper analyses the post-pandemic inflation dynamics in Canada using a behavioral macroeconomic model of the Bank …-pandemic inflation can be explained by these simple heuristics and traced back to the lifting of economic restrictions in mid-2020 …, triggering demand-pull inflation. This result suggests that the cost-push inflation in 2021 and beyond actually originated from a …
Persistent link: https://www.econbiz.de/10014256410
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Data uncertainty and the role of money as an information variable for monetary policy
Coenen, Günter; Levin, Andrew T.; Wieland, Volker - 2003
In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices, and money, and find that monetary aggregates have a potentially significant...
Persistent link: https://www.econbiz.de/10009765349
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Estimated general equilibrium models for the evaluation of monetary policy in the US and Europe
Leith, Campbell B.; Malley, James R. - 2002
of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …
Persistent link: https://www.econbiz.de/10011409738
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Estimated General Equilibrium Models for the Evaluation of Monetary Policy in the Us and Europe
Leith, Campbell; Malley, Jim - 2021
of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …
Persistent link: https://www.econbiz.de/10013320548
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Introducing dominant currency pricing in the ECB's global macroeconomic model
Georgiadis, Georgios; Mösle, Saskia - 2019
A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter's or the importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing" (DCP) into ECB-Global, the ECB's macroeconomic model for...
Persistent link: https://www.econbiz.de/10012040196
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Introducing dominant currency pricing in the ECB's global macroeconomic model
Georgiadis, Georgios; Mösle, Saskia - 2019
A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter's or the importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing" (DCP) into ECB-Global, the ECB's macroeconomic model for...
Persistent link: https://www.econbiz.de/10012107938
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The New Keynesian approach to dynamic general equilibrium modeling : models, methods, and macroeconomic policy evaluation
Schmidt, Sebastian; Wieland, Volker - 2012
This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...
Persistent link: https://www.econbiz.de/10010391304
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The Poole analysis in the new open economy macroeconomic framework
Hoffmann, Mathias; Kempa, Bernd - 2006
This paper evaluates simple, non-optimising monetary policy rules in the tradition of the well-known Poole analysis within a general two-country open-economy model of the New Open Economy Macroeconomic framework. Pure money supply rules are compared with simple interest rate rules for the large...
Persistent link: https://www.econbiz.de/10009525985
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Microdata for Macro Models : The Distributional Effects of Monetary Policy
Corrado, Luisa - 2020
In this paper we investigate the effect of standard and non-standard monetary policy implemented by the ECB on income inequality in Italy. We use for the first time the survey microdata on Income and Living Conditions (EU-SILC, Istat) in a repeated cross-section experiment to build measures of...
Persistent link: https://www.econbiz.de/10012832220
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The Bmw Model as a Static Approximation of a Forward-Looking New-Keynesian Macroeconomic Model
Bofinger, Peter; Mayer, Eric; Wollmershaeuser, Timo - 2005
Over the last decade a new consensus model has emerged in monetary macroeconomics, labelled New-Keynesian macroeconomics (Clarida et al., 1999). It consists of three simple building blocs: a forward-looking IS-equation that is derived from the optimization problem of a representative household,...
Persistent link: https://www.econbiz.de/10014066376