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An interest rate peg might be better than you think
Hörmann, Markus; Schabert, Andreas - 2009
an interest rate peg, can be welfare enhancing: The minimum state variable solution and an autoregessive solution under a … peg can lead to lower welfare losses than the unique solution under an active interest rate rule. Given that a peg is … equilibrium determinacy. -- Interest rate rules ; welfare losses ; equilibrium determinacy ; fundamental solutions …
Persistent link: https://www.econbiz.de/10003850900
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The Republic of Korea’s economy in the swirl of global crisis
Cho, Dongchul - 2009
This paper argues that the Republic of Korea (hereafter Korea) is not immune to global crises, but that a more than proportional response of gross domestic product to global crises does not seem to be the general case either. Along this line of reasoning, the Korea’s extreme response to...
Persistent link: https://www.econbiz.de/10003904173
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Commodity price shocks and the business cycle : structural evidence for the US
Gubler, Matthias; Hertweck, Matthias S. - 2011 - This version: March 28, 2011
This paper develops a 9-dimensional SVAR to investigate the sources of the U.S. business cycle. We extend the standard set of identified shocks to include unexpected changes in commodity prices. Our main result is that commodity price shocks are a very important driving force of macroeconomic...
Persistent link: https://www.econbiz.de/10009008065
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Fear of liftoff : uncertainty, rules and discreation in monetary policy normalization
Orphanides, Athanasios - 2015
The Federal Reserve's muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to contribute best to the economy over time....
Persistent link: https://www.econbiz.de/10011327424
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Do house prices impact consumption and interest rate? : evidence from OECD countries using an agnostic identification procedure
André, Christophe; Gupta, Rangan; Kanda, Patrick T. - 2012
This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for the seven major OECD countries using Uhlig's (2005) agnostic identification procedure. This method allows a housing demand shock to be identified in a six-variable VAR model by...
Persistent link: https://www.econbiz.de/10009690177
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Government spending shocks, sovereign risk and the exchange rate regime
Bonam, Dennis; Lukkezen, Jasper - 2013
Conventional wisdom teaches that the output response upon a fiscal expansion is higher under fixed than floating exchange rates for a small open economy. We analyse the effects of fiscal expansions using a New Keynesian model and find that this result reverses in times of sovereign default risk....
Persistent link: https://www.econbiz.de/10010227296
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The macroeconomic impact of unconventional monetary policy shocks
Meinusch, Annette; Tillmann, Peter - 2014
With the Federal Funds rate approaching the zero lower bound, the U.S. Federal Reserve adopted a range of unconventional monetary policy measures known as Quantitative Easing (QE). Quantifying the impact QE has on the real economy, however, is not straightforward as standard tools such as VAR...
Persistent link: https://www.econbiz.de/10010338158
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Unemployment benefits extensions at the zero lower bound on nominal interest rate
Albertini, Julien; Poirier, Arthur - 2014
In this paper we investigate the impact of the recent US unemployment benefits extension on the labor market dynamic when the nominal interest rate is held at the zero lower bound (ZLB). Using a New Keynesian model, our quantitative experiments suggest that, in contrast to the existing...
Persistent link: https://www.econbiz.de/10010251606
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Nominal rigidities in debt and product markets
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2016
Standard models used for monetary policy analysis rely on sticky prices. Recently, the literature started to explore also nominal debt contracts. Focusing on mortgages, this paper compares the two channels of transmission within a common framework. The sticky price channel is dominant when...
Persistent link: https://www.econbiz.de/10011524379
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New methods for macro-financial model comparison and policy analysis
Wieland, Volker; Afanasyeva, Elena; Ngougning, Meguy Kuete - 2016
The global financial crisis and the ensuing criticism of macroeconomics have inspired researchers to explore new modeling approaches. There are many new models that deliver improved estimates of the transmission of macroeconomic policies and aim to better integrate the financial sector in...
Persistent link: https://www.econbiz.de/10011527276