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Does it matter when labor market reforms are implemented? : the role of the monetary policy environment
Lastauskas, Povilas; Stakénas, Julius - 2019
Do labor market reforms initiated in periods of loose monetary policy yield different outcomes from those that were introduced in periods when monetary tightening prevailed? Since economic theory usually pays attention to the steady state change and ignores business cycle interactions of...
Persistent link: https://www.econbiz.de/10012103994
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Measuring the Stances of Monetary and Fiscal Policy
Vitek, Francis - 2023
We derive measures of the stances of monetary and fiscal policy within the framework of an empirically plausible extension of the basic New Keynesian model, and jointly estimate them for the United States using a closed form multivariate linear filter. Our theoretical analysis reveals that the...
Persistent link: https://www.econbiz.de/10014350293
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Macroeconomic Effects of Carbon Transition Policies : An Assessment Based on the Ecb's New Area-Wide Model with a Disaggregated Energy Sector
Coenen, Günter; Priftis, Romanos; Lozej, Matija - 2023
We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB’s New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...
Persistent link: https://www.econbiz.de/10014354636
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Does it Matter When Labor Market Reforms are Implemented? The Role of the Monetary Policy Environment
Lastauskas, Povilas - 2019
Do labor market reforms initiated in periods of loose monetary policy yield different outcomes from those that were introduced in periods when monetary tightening prevailed? Since economic theory usually pays attention to the steady state change and ignores business cycle interactions of...
Persistent link: https://www.econbiz.de/10012861428
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(Not) Dancing Together : Monetary Policy Stance and the Government Spending Multiplier
Belinga, Vincent - 2015
This paper provides estimates of the government spending multiplier over the monetary policy cycle. We identify government spending shocks as forecast errors of the growth rate of government spending from the Survey of Professional Forecasters (SPF) and from the Greenbook record. The state of...
Persistent link: https://www.econbiz.de/10013020275
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Macroeconomic effects of carbon transition policies : an assessment based on the ECB's New Area-Wide Model with a disaggregated energy sector
Coenen, Günter; Lozej, Matija; Priftis, Romanos - 2023
We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB's New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...
Persistent link: https://www.econbiz.de/10014315252
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Potential output and fiscal rules in a monetary union under asymmetric information - 2nd ed
Marattin, Luigi; Meraglia, Simone - 2016 - 2nd edition
We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states' output gap. In the presence of asymmetric...
Persistent link: https://www.econbiz.de/10011705510
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Gains from wage flexibility and the zero lower bound
Billi, Roberto M.; Galí, Jordi - 2019
We analyze the welfare impact of greater wage flexibility while taking into account explicitly the existence of the zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally amplifies the adverse effects of greater wage flexibility on welfare when...
Persistent link: https://www.econbiz.de/10011990051
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Estimating Nairu for the Turkish Economy Using Extended Kalman Filter Approach
Us, Vuslat - Türkiye Cumhuriyet Merkez Bankası - 2014
This paper estimates NAIRU (Non-Accelerating Inflation Rate of Unemployment) for the Turkish economy as an unobserved … unemployment gap, the systems approach imposes stochastic laws of motion for NAIRU and potential output and also assumes the … problem introduces nonlinearity, which requires the use of Extended Kalman Filter (EKF). Estimation results suggest that NAIRU …
Persistent link: https://www.econbiz.de/10010941465
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The effects of monetary policy on unemployment dynamics under model uncertainty : evidence from the US and the Euro area
Altavilla, Carlo; Ciccarelli, Matteo - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10003813633