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A detailed derivation of the sticky price and sticky information new Keynesian DSGE model
Menz, Jan-Oliver; Vogel, Lena - 2009
This paper aims at providing macroeconomists with a detailed exposition of the New Keynesian DSGE model. Both the sticky price version and the sticky information variant are derived mathematically. Moreover, we simulate the models, also including lagged terms in the sticky price version, and...
Persistent link: https://www.econbiz.de/10010425864
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Rational expectations models with anticipated shocks and optimal policy : a general solution method and a new Keynesian example
Wohltmann, Hans-Werner; Winkler, Roland - 2009
The purpose of this paper is to show how to solve linear dynamic rational expectations models with anticipated shocks by using the generalized Schur decomposition method. Furthermore, we determine the optimal unrestricted and restricted policy responses to anticipated shocks. We demonstrate our...
Persistent link: https://www.econbiz.de/10003810950
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Rational expectations models with anticipated shocks and optimal policy : a general solution method and a New Keynesian example
Wohltmann, Hans-Werner; Winkler, Roland - 2009
The purpose of this paper is to show how to solve linear dynamic rational expectations models with anticipated shocks by using the generalized Schur decomposition method. Furthermore, we determine the optimal unrestricted and restricted policy responses to anticipated shocks. We demonstrate our...
Persistent link: https://www.econbiz.de/10003827176
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Optimal policy with general signal extraction
Hauk, Esther; Lanteri, Andrea; Marcet, Albert - 2016
We study optimal policy when the planner has partial information in a general setup where observed signals are endogenous to policy. In this context, signal extraction and policy have to be determined jointly. We derive a general non-standard first order condition of optimality from first...
Persistent link: https://www.econbiz.de/10011617351
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Financial stability, wealth effects and optimal macroeconomic policy combination in the United Kingdom : a new-Keynesian dynamic stochastic general equilibrium framework
Nasir, Muhammad Ali; Yago, Milton; Soliman, Alaa M.; … - In: Cogent economics & finance 4 (2016) 1, pp. 1-25
This study derives an optimal macroeconomic policy combination for financial sector stability in the United Kingdom by employing a New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) framework. The empirical results obtained show that disciplined fiscal and accommodative monetary...
Persistent link: https://www.econbiz.de/10011450563
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DSGE models and central banks
Tovar, Camilo Ernesto - 2009
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...
Persistent link: https://www.econbiz.de/10003832138
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Unions power, collective bargaining and optimal monetary policy
Faia, Ester (contributor); Rossi, Lorenza (contributor) - 2008
We study the design of optimal monetary policy (Ramsey policies) in a model with sticky prices and unionized labour markets. Collective wage bargaining and unions monopoly power tend to dampen wage fluctuations and to amplify employment fluctuations relatively to a DNK model with walrasian...
Persistent link: https://www.econbiz.de/10003811855
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Variable capital utilization, short-run elasticity of supply and the effectiveness of monetary policy
Dupaigne, Martial - In: Monetary policy in transition : theoretical and …, (pp. 91-111). 2005
Persistent link: https://www.econbiz.de/10003784532
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Finite-Order VAR Representation of Linear Rational Expectations Models : With Some Lessons for Monetary Policy
Martínez-García, Enrique - 2020
This paper considers the characterization via finite-order VARs of the solution of a large class of linear rational expectations (LRE) models. I propose a unified approach that uses a companion Sylvester equation to check the existence and uniqueness of a solution to the canonical (first-order)...
Persistent link: https://www.econbiz.de/10012855030
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On the initialization of adaptive learning in macroeconomic models
Berardi, Michele; Galimberti, Jaqueson K. - 2016
estimation-based. We conduct several simulations comparing the accuracy of the initial estimates provided by these methods and … how they affect the accuracy of other estimated model parameters. We find evidence against their joint estimation with … standard moment conditions: as the accuracy of estimated initials tends to deteriorate with the sample size, spillover effects …
Persistent link: https://www.econbiz.de/10011573204