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A behavioral heterogeneous agent New Keynesian model
Pfäuti, Oliver; Seyrich, Fabian - 2022
We propose a behavioral heterogeneous agent New Keynesian model in which monetary policy is amplified through indirect general equilibrium effects, fiscal multipliers can be larger than one and which delivers empirically-realistic intertemporal marginal propensities to consume. Simultaneously,...
Persistent link: https://www.econbiz.de/10012815994
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Determinacy of Interest Rate Rules with Bond Transaction Services in a Cashless Economy
Marzo, Massimiliano; Zagaglia, Paolo - Nationalekonomiska institutionen, Stockholms Universitet - 2008
Canzoneri and Diba (2004) show that the Taylor principle is not a panacea for equilibrium determinacy in a model where …
Persistent link: https://www.econbiz.de/10005207069
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A Case for Interest Rate Inertia in Monetary Policy
Bask, Mikael - Nationalekonomiska Institutionen, Uppsala Universitet - 2011
We argue that it is not necessary for the central bank to react to the exchange rate to have a desirable outcome in the economy. Indeed, when the Taylor rule includes contemporaneous data on the variables in the rule, the central bank can disregard from the exchange rate as long as there is...
Persistent link: https://www.econbiz.de/10009324198
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The Role of "Determinacy" in Monetary Policy Analysis
McCallum, Bennett T. - Institute for Monetary and Economic Studies, Bank of Japan - 2009
It is well known that the concept of "determinacy"-a single stable solution-plays a major role in contemporary monetary … policy analysis. But while determinacy is desirable, other things equal, it is not necessary for a solution to be plausible … necessary condition for any specific solution to be relevant. This implies that determinacy is not necessary for policy analysis …
Persistent link: https://www.econbiz.de/10005003216
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Credit Market Distortions, Asset Prices and Monetary Policy
Pfajfar, Damjan; Santoro, E. - Tilburg University, Center for Economic Research - 2012
Abstract: We study the conditions that ensure rational expectations equilibrium (REE) determinacy and expectational …
Persistent link: https://www.econbiz.de/10011090294
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Testing for Parameter Stability in DSGE Models. The Cases of France, Germany, Italy, and Spain
Jerger, Jürgen; Röhe, Oke - 2012
We estimate a New Keynesian DSGE model on French, German, Italian, and Spanish data. The main aim of this paper is to … properties of each single parameter in a DSGE model separately. In the case of France, Germany, and Italy our results point to …
Persistent link: https://www.econbiz.de/10010294717
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The macroeconomic consequences of EMU: international evidence from a DSGE model
Jerger, Jürgen; Röhe, Oke - 2009
In this paper, we estimate a New Keynesian DSGE model developed by Ireland (2003) on French, German and Spanish data … with the aim to explore the macroeconomic consequences of EMU. In order to validate the results from the DSGE model, we … amend this analysis by stability tests of monetary policy reaction functions for these countries. We find that (a) the DSGE …
Persistent link: https://www.econbiz.de/10010267027
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The Macroeconomic Consequences of EMU: International Evidence from a DSGE Model
Röhe, Oke; Jerger, Jürgen - 2010
In this paper, we estimate a New Keynesian DSGE model developed by Ireland (2003) on French, German and Spanish data … with the aim to explore the macroeconomic consequences of EMU. In order to validate the results from the DSGE model, we … amend this analysis by stability tests of monetary policy reaction functions for these countries. We find that (a) the DSGE …
Persistent link: https://www.econbiz.de/10010270116
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Credit risks and monetary policy within Caribbean economies
Arana, Rumile; Ramirez, Francisco A.; Wright, Allan - 2017
Our paper addresses the issue on the interaction between monetary and macroprudential policies in small open economies for different exchange rate regimes. The need for macroprudential policy arises from exacerbated macroeconomic fluctuations due to frictions in the financial system as in...
Persistent link: https://www.econbiz.de/10011786428
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Nominal wage rigidities in a new Keynesian model with frictional unemployment
Bodart, Vincent; De Walque, Gregory; Pierrard, Olivier; … - 2006
productivity shocks and second, in a fully specified monetary DSGE model with various real and nominal rigidities and multiple …
Persistent link: https://www.econbiz.de/10011506619