We study the transmission of monetary shocks and monetary policy with a behavioral model, corrected for potential misspecification using the DSGE-VAR framework elaborated by DelNegro and Schorfheide (2004). In particular, we investigate if the central bank should react to movements in the...

The standard derivation of a Phillips curve from a DSGE model requires that all variables are measured as deviations from their steady states. But in practice this is not done. The steady state for output is estimated by some statistical procedure, such as the HP filter, and the steady state for...

Business cycle models with sticky prices and endegenous firm entry make novel predictions on the transmission of shocks through the extensive margin of investment. This paper tests some of these predictions using a vector autoregression with model-based sign restrictions. We find a positive and...

Ziel der vorliegenden Arbeit ist es zu prüfen, inwieweit unterschiedliche Varianten berechenbarer dynamischer Gleichgewichtsmodelle die empirische Evidenz zum monetären Transmissionsmechanismus nachbilden. Die zentrale Frage dieser Arbeit, inwieweit nominale Rigiditäten zu Trägheiten des...