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An Assessment of Inflation Targeting in a Quantitative Monetary Business Cycle Framework
Cho, Dooyeon - 2013
This paper examines the effectiveness of inflation targeting to stabilize the real economy of the advanced countries where inflation targeting was adopted in the early 1990s. This paper employs the monetary business cycle accounting methodology recently developed by Šustek (2011) which is an...
Persistent link: https://www.econbiz.de/10013076757
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Lumpy investment in sticky information general equilibrium
Verona, Fabio - 2012
In this paper, I introduce lumpy micro-level capital adjustment into a sticky information general equilibrium model. Lumpy adjustment arises because of inattentiveness in capital investment decisions instead of the more common assumption of non-convex adjustment costs. The model features...
Persistent link: https://www.econbiz.de/10010391981
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Lumpy Investment in Sticky Information General Equilibrium
Verona, Fabio - 2013
In this paper, I introduce lumpy micro-level capital adjustment into a sticky information general equilibrium model. Lumpy adjustment arises because of inattentiveness in capital investment decisions instead of the more common assumption of non-convex adjustment costs. The model features...
Persistent link: https://www.econbiz.de/10013075606
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Sources of macroeconomic fluctuations : a regime-switching DSGE approach
Liu, Zheng; Waggoner, Daniel F.; Zha, Tao - In: Quantitative economics : QE ; journal of the … 2 (2011) 2, pp. 251-301
We examine the sources of macroeconomic fluctuations by estimating a variety of richly parameterized DSGE models within a unified framework that incorpo- rates regime switching both in shock variances and in the inflation target. We propose an efficient methodology for estimating...
Persistent link: https://www.econbiz.de/10011756316
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai Philipp - 2016
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages...
Persistent link: https://www.econbiz.de/10012991186
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai Philipp; Kuester, Keith; Linzert, Tobias - 2021
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages...
Persistent link: https://www.econbiz.de/10013317584
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(S,s) Inventory Policies in General Equilibrium
Fisher, Jonas D. M. - 2012
We study the aggregate implications of (S,s) inventory policies in a dynamic general equilibrium model with aggregate uncertainty. Firms in the model's retail sector face idiosyncratic demand risk, and (S,s) inventory policies are optimal because of fixed order costs. The distribution of...
Persistent link: https://www.econbiz.de/10013101941
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Intertwined Real and Monetary Stochastic Business Cycles
Kakarot-Handtke, Egmont - 2015
There is no such thing as a 'real' economy. The task, therefore, is to consistently reconstruct the fluctuations of employment and output from the interactions of real and nominal variables. The present paper does exactly this. No nonempirical concepts like utility, equilibrium, rationality,...
Persistent link: https://www.econbiz.de/10013036291
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On the macroeconomic implications of firm dynamics, banking, and reputation
Totzek, Alexander - 2011
Since the publication of Keynes' "General Theory of Employment, Interest, and Money" in 1936 many new ideas and solution concepts for macroeconomic problems emerged, disappeared, and were combined in order to appropriately describe macroeconomic phenomena. Nowadays, New Keynesian frameworks are...
Persistent link: https://www.econbiz.de/10008907265
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Statistical sunspots
Branch, William A.; McGough, Bruce; Zhu, Mei - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 1, pp. 291-329
and sunspots by establishing the existence of "statistical sunspots" in models that have a unique rational expectations … factors (e.g., sunspots, judgment, expectations shocks, etc.). In equilibrium, agents attribute, in a self‐fulfilling way …, some of the serial correlation observed in data to extrinsic noise, i.e., statistical sunspots. This leads to sunspot …
Persistent link: https://www.econbiz.de/10012806933