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Regime switches, Agents’ Beliefs, and Post-World War II U.S. Macroeconomic Dynamics
Bianchi, Francesco - Volkswirtschaftliche Fakultät, … - 2008
severe. These "beliefs counterfactuals" are new in the literature. Finally, the paper provides a Bayesian algorithm to handle …
Persistent link: https://www.econbiz.de/10008490097
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The new consensus from a traditional Keynesian and post-Keynesian perspective : a worthwhile foundation for research or just a waste of time?
Dullien, Sebastian - 2009
This paper examines in how far the DSGE model which is often dubbed the New Keynesian Consensus is compatibel with a … Post-Keynesian or traditional Keynesian understanding of the economy. It is argued that while at first sight DSGE models …Das Papier untersucht, inwieweit moderne Ansätze aus der Klasse der DSGE-Modelle (Dynamic Stochastic General …
Persistent link: https://www.econbiz.de/10009304904
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Great recession, slow recovery and muted fiscal policies in the US
Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016
This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...
Persistent link: https://www.econbiz.de/10011434680
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In search of the Euro area fiscal stance
Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016
This paper investigates the role of fiscal policies over the aggregate EMU business cycle. Previous studies, based on the assumption of non-separability between public and private consumption, obtain a large public consumption multiplier, a small fraction of non-Ricardian households and,...
Persistent link: https://www.econbiz.de/10011529025
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Delayed overshooting puzzle in structural vector autoregression models
Istrefi, Klodiana; Vonnak, Balazs - 2015
Persistent link: https://www.econbiz.de/10011566662
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A few things You wanted to know about the economics of CBDCs, but were afraid to model: a survey of what we can learn from who has done
Aragão, Marcelo A. T. - 2021
Persistent link: https://www.econbiz.de/10012628092
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Monetary policy with judgment
Gelain, Paolo; Manganelli, Simone - 2020
Persistent link: https://www.econbiz.de/10012388063
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Equity premium and monetary policy in a model with limited asset market participation
Horváth, Roman; Kaszab, Lorant; Marsal, Ales - 2020
We develop a dynamic stochastic general equilibrium model calibrated to US data to examine how monetary policy shocks affect income inequality and the equity premium. The model features Ricardian and non-Ricardian households and shows that a monetary policy tightening causes an endogenous...
Persistent link: https://www.econbiz.de/10012240316
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The real effects of endogenous defaults on the interbank market
Ferrari, Massimo Minesso - In: Italian economic journal : official peer-reviewed … 6 (2020) 3, pp. 411-439
Persistent link: https://www.econbiz.de/10012293126
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Sequential bargaining in a New Keynesian model with frictional unemployment and staggered wage negotiation
De Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 2009
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated for each period. The workers' bargaining power in the working time negotiations affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i)...
Persistent link: https://www.econbiz.de/10011599072