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Wieland, Volker; Wolters, Maik H. - 2012

Persistent link: https://www.econbiz.de/10010394237

A new comparative approach to macroeconomic modeling and policy analysis

Wieland, Volker; Cwik, Tobias; Müller, Gernot J.; … - 2012

In the aftermath of the global financial crisis, the state of macroeconomicmodeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...

Persistent link: https://www.econbiz.de/10010391307

The role of fiscal policy : a survey of recent empirical findings

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - 2023

DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on interest rates (ZLB), and varying price duration, can account well for recent macroeconomic behavior across a variety of economies. These models Önd that active Öscal policy...

Persistent link: https://www.econbiz.de/10014433366

Predicting Downside Risks to House Prices and Macro-Financial Stability

Deghi, Andrea - 2020

This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32 advanced and … overvaluation, excessive credit growth, and tighter financial conditions jointly forecast higher house-prices-at-risk up to three … years ahead. House-prices-at-risk help predict future growth at-risk and financial crises. We also investigate and propose …

Persistent link: https://www.econbiz.de/10012831613

Financial variables in a policy rule : does it bring macroeconomic benefits?

Zacek, Jan - 2016

After the recent financial crisis of 2007, a connection between monetary policy and financial stability has started to be thoroughly investigated. One of the particular areas of this research field deals with the role of various financial variables in the monetary policy rules. The main purpose...

Persistent link: https://www.econbiz.de/10011576500

Some Implications for Monetary Policy of Uncertain Exchange Rate Pass-Through

Hunt, Benjamin F. - 2006

The paper uses MULTIMOD to examine the implications of uncertain exchange rate pass-through for the conduct of monetary policy. From the policymaker's perspective, uncertainty about exchange rate pass-through implies uncertainty about policy multipliers and the impact of state variables on...

Persistent link: https://www.econbiz.de/10012782994

Implications of output gap uncertainty in times of crisis

Bouis, Romain; Cournède, Boris; Christensen, Ane Kathrine - 2012

This paper analyses the monetary and fiscal policy implications of output gap estimates in times of crisis. The widening of output gaps observed in major OECD economies in the wake of the recent crisis has been mainly due to total factor productivity gaps, except in the United States where it...

Persistent link: https://www.econbiz.de/10009690945

Monetary discipline and macroeconomic performance : the case of Indonesia

Ramayandi, Arief; Rosario, Aleli - 2010

Lax monetary policy in the United States has been pointed out as one of the responsible factors behind the recent global crisis. Similar loose monetary conditions also prevailed in many European countries before the crisis and were argued to be among the accommodating factors behind the run-up...

Persistent link: https://www.econbiz.de/10008826302

How Does Monetary Policy Respond to Exchange Rate Movements? New International Evidence

Bjørnland, Hilde Christiane; Halvorsen, Jørn I. - 2010

2.5-4 percent before it gradually depreciates back to baseline. Our results suggest more theory consistency in the …

Persistent link: https://www.econbiz.de/10014197887

Fiscal Multipliers at the Zero Lower Bound : The Role of Policy Inertia

Hills, Timothy - 2015

The presence of the lagged shadow policy rate in the interest rate feedback rule reduces the government spending multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia, increased inflation and output due to higher government...

Persistent link: https://www.econbiz.de/10013031117