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,...

Im Zentrum dieser Dissertation steht das Beschreiben und Erklären von Konjunkturdynamiken. Motiviert durch den außerordentlich starken wirtschaftlichen Einbruch in 2008/2009 betont die Arbeit dabei die Wichtigkeit der Nutzung von nichtlinearen Modellansätzen. Die Dissertation kann als Beitrag...

We examine the linear-quadratic (LQ) approximation of non-linear stochastic dynamic optimization problems in macroeconomics, in particular for monetary policy. We make four main contributions: first, we draw attention to a general Hamiltonian framework for LQ approximation due to Magill (1977)....

The paper analyses the evolution of monetary policy design in Australia over the period 1973Q3-1998Q3, highlighting the influence of macroeconomic paradigms on monetary policy design. The conventional wisdom models inflation targeting by minimizing a quadratic loss function subject to the Lucas...

This paper develops a lsquo;fully articulated' post-Keynesian alternative to the lsquo;New Consensus' macroeconomic model, based on explicitly post-Keynesian hypotheses about the inflation process, the income-generating process and the appropriate conduct of monetary policy. The paper...

The fiscal theory of the price level (FTPL) has attracted much attention but disagreement remains concerning its defining characteristics. Some writers have emphasized implications regarding interest-rate pegging and determinacy of RE solutions, whereas others have stressed its capacity to...

Most macroeconomic models for monetary policy analysis are approximated around a zero-inflation steady state, but most central banks target inflation at a rate of about 2 percent. Many economists have recently proposed even higher inflation targets to reduce the incidence of the zero lower bound...

Uncertainty about monetary policy associated with uncertainty in interest rate is an important determinant of economic decisions. Due to the dominant position of the US economy on global financial markets, in addition to countries' own uncertainties, uncertainty related to the monetary policy of...

This paper introduces a new laboratory experiment based on the New-Keynesian macroeconomy in Woodford (2013). The purpose of the experiment is to study how monetary policy can influence individual expectations to achieve the stabilization of macroeconomic outcomes and to improve social welfare....

This paper develops a simple dynamic model to study some of the implications of Cantillon's insight that new money enters an economy at a specific point and that it takes time for the new money to permeate the economy. It applies a process analysis and uses numerical simulations to map out how...