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The possible unemployment cost of average inflation below a credible target : a replication study of Svensson (American Economic Journal: Macroeconomics, 2015)
Oraby, Ramy - In: Journal of comments and replications in economics 1 (2022), pp. 1-21
long run Phillips curve recorded -0.75 in Sweden and -0.23 in the United States. While the average inflation rate in the … United States was very close to its targeted level, the average inflation rate in Sweden was 0.6 per- centage points below … its targeted level over the sample period. The deviation of inflation rate from its targeted level in Sweden resulted in …
Persistent link: https://www.econbiz.de/10013179358
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Monetary Policy and the Convergence to Low Inflation : A Small Macro Model for Hungary and Poland, 1991-1998
Golinelli, Roberto; Rovelli, Riccardo - 2001
We estimate two parsimonious structural models for inflation, the output gap, the domestic interest rate and the …
Persistent link: https://www.econbiz.de/10014185391
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Managing households' expectations with unconventional policies
D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2021
unconventional policies that aim to increase households' spending directly through managing their expectations. We first show … theoretically and empirically that higher in ation expectations increase households' consumption. We then design a difference … demand via managing expectations. Whereas unconventional fiscal policy increases households' expectations and spending …
Persistent link: https://www.econbiz.de/10012490917
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Disequilibrium Dynamics of the Monetary Economy : A Micro-Founded Synthesis of the Wicksellian Theory of Cumulative Process and the Keynesian Theory of Effective Demand
Iwai, Katsuhito - 2019
monopolistically competitive firms are free to adjust their prices, their ex ante expectations for the average price are necessarily … expectations triggers a Wicksellian cumulative process that drives the average price further away from equilibrium. (2) In contrast …' simultaneous rational expectations and the economy settles to one of infinitely many globally stable steady-states with Keynesian …
Persistent link: https://www.econbiz.de/10012899318
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The Bmw Model as a Static Approximation of a Forward-Looking New-Keynesian Macroeconomic Model
Bofinger, Peter; Mayer, Eric; Wollmershaeuser, Timo - 2005
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,...
Persistent link: https://www.econbiz.de/10014066376
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The New Keynesian approach to dynamic general equilibrium modeling : models, methods, and macroeconomic policy evaluation
Schmidt, Sebastian; Wieland, Volker - 2012
This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...
Persistent link: https://www.econbiz.de/10010391304
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Spillovers from China Onto Sub-Saharan Africa : Insights from the Flexible System of Global Models (FSGM)
Anderson, Derek - 2015
What is the impact of economic spillovers from China on sub-Saharan Africa (SSA)? This is an increasingly important question because of China's growing economic role as a partner of SSA countries for both trade and the buildup of infrastructure in the region. The impact of spillovers from China...
Persistent link: https://www.econbiz.de/10013012435
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The Flexible System of Global Models – FSGM
Andrle, Michal - 2015
The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on...
Persistent link: https://www.econbiz.de/10013024429
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Chapter 22. The New Keynesian Approach to Dynamic General Equilibrium Modeling: Models, Methods and Macroeconomic Policy Evaluation
Schmidt, Sebastian; Wieland, Volker - In: Handbook of computable general equilibrium modeling : …, (pp. 1439-1512). 2013
This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...
Persistent link: https://www.econbiz.de/10014025269
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Three revolutions in macroeconomics : their nature and influence
Laidler, David E. W. - 2013
Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution …
Persistent link: https://www.econbiz.de/10009765542