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Taking Multi-Sector Dynamic General Equilibrium Models to the Data

Dixon, Huw; Kara, Engin - 2011

We estimate and compare two models, the Generalized Taylor Economy (GTE) and the Multiple Calvo model (MC); that have … to those of the standard models such as the Calvo and its popular variant, using the ad hoc device of indexation. The …

Persistent link: https://www.econbiz.de/10010500190

Taking multi-sector dynamic general equilibrium models to the data

Dixon, Huw; Kara, Engin - 2012

We estimate and compare two models, the Generalized Taylor Economy (GTE) and the Multiple Calvo model (MC), that have … to those of the standard models such as the Calvo and its popular variant, using the ad hoc device of indexation. The …

Persistent link: https://www.econbiz.de/10009530141

Credit risk, excess reserves and monetary policy : the deposits channel

Bratsiotis, George - 2017 - This Version: 25 January 2018

high levels of precautionary liquidity hoarding the optimal policy response of a Taylor rule is shown to indicate a zero … reserves can act as the main tool of monetary policy, that is shown to provide higher welfare gains in relation to a simple … Taylor rule. This result is shown to hold at the zero-bound and it is independent of the precautionary demand for liquidity …

Persistent link: https://www.econbiz.de/10011810801

Sticky Prices vs. Sticky Information – A Cross-Country Study of Inflation Dynamics

Bredemeier, Christian; Goecke, Henry - 2011

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in six countries (US, UK, Germany, France, Canada, and Japan). We evaluate the models' abilities to match empirical second moments of inflation. Under baseline calibrations, the two...

Persistent link: https://www.econbiz.de/10010274449

The Asymmetric Effects of Oil Shocks on Output Growth: A Markov-Switching Analysis for the G-7 Countries

Manera, Matteo; Cologni, Alessandro - 2006

In this paper we specify and estimate different Markov-switching (MS) regime autoregressive models. The empirical performance of the univariate MS models used to describe the switches between different economic regimes for the G-7 countries is in general not satisfactory. We extend these models...

Persistent link: https://www.econbiz.de/10010312267

Monetary Conditions in the Euro Area: Useful Indicators of Aggregate Demand Conditions?

Gottschalk, Jan - 2001

This paper reviews the usefulness of monetary conditions in the euro area as leading indicators for aggregate demand conditions. Monetary conditions are measured with the MCI concept proposed by the Bank of Canada, and with the yield spread. A central result is that causality runs in both ways...

Persistent link: https://www.econbiz.de/10010260469

Time-varying Nairu and real interest rates in the Euro Area

Logeay, Camille; Tober, Silke - 2003

This paper analyses the Nairu in the Euro Area and the influence that monetary policy had on its development. Using the Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique is applied here for the first time using explicit...

Persistent link: https://www.econbiz.de/10010260669

What can a New Keynesian labor matching model match?

Reicher, Christopher Phillip - 2009

A labor matching model with nominal rigidities can match short-run movements in labor's share with some success. However, it cannot explain much of the behavior of employment, vacancies, and job flows in postwar US data without resorting to additional shocks beyond monetary policy and...

Persistent link: https://www.econbiz.de/10010265220

The role of labor markets for euro area monetary policy

Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2009

In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behavior...

Persistent link: https://www.econbiz.de/10010265230

Did the Bundesbank follow a Taylor rule? An analysis based on real-time data

Clausen, Jens R.; Meier, Carsten-Patrick - 2003

-time output gaps and use these to calibrate and estimate Taylor-type reaction functions for the Bundesbank. Most of the reaction … those originally proposed by Taylor for some of our realtime measures of the output gap. Broad monetary aggregates such as M … Bundesbank in fighting inflation, the results give support to the use of the Taylor rule for monetary policy. …

Persistent link: https://www.econbiz.de/10010265390