Similar Search Results

Asymmetric monetary policy rules for the euro area and the US

Maih, Junior; Mazelis, Falk; Motto, Roberto; … - 2021

We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to in ation was more forceful when in ation was above 2% than below 2%. Since then, the ECB's...

Persistent link: https://www.econbiz.de/10012617047

Macroeconomic dynamics and the IS puzzle

Hawkins, Raymond J.; Nguyen, Chau N. - 2018

The authors solve the IS puzzle for the G7 countries. They find that five of the G7 countries have the expected significant negative relationship between the output gap and the real-rate gap; the time series of the remaining two show material deviation from expected IS-curve behavior. The...

Persistent link: https://www.econbiz.de/10011917259

The Timing of Monetary Policy Shocks

Olivei, Giovanni; Tenreyro, Silvana - 2006

A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse-responses that differ sharply depending on the timing of the shock: When the monetary policy shock takes place...

Persistent link: https://www.econbiz.de/10014071268

Chapter 9. Inflation Persistence

Fuhrer, Jeffrey C. - In: Handbook of monetary economics : volume 3, (pp. 423-486). 2010

This chapter examines the concept of inflation persistence in macroeconomic theory. It begins by defining persistence … persistence from the literature on imperfect information models, learning models, and so-called “trend inflation models …

Persistent link: https://www.econbiz.de/10014025671

The cross-section of output and inflation in a dynamic stochastic general equilibrium model with sticky prices

Döpke, Jörg; Funke, Michael; Holly, Sean; Weber, Sebastian - 2009

output and inflation across a population of firms is studied. The only form of heterogeneity is confined to the probability … of output and inflation depend crucially on the proportion of firms that are allowed to change their prices. We test this …-cyclical correlation between the skewness of inflation and aggregates, but the relation with output is less sure. Our results can be …

Persistent link: https://www.econbiz.de/10010271147

The cross-section of output and inflation in a dynamic stochastic general equilibrium model with sticky prices

Döpke, Jörg; Funke, Michael; Holly, Sean; Weber, Sebastian - 2009

Persistent link: https://www.econbiz.de/10003844356

Monetary policy and the relative price of durable goods

Cantelmo, Alessandro; Melina, Giovanni - 2015

In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...

Persistent link: https://www.econbiz.de/10010515460

Two-country new Keynesian DSGE model : a small open economy as a limit case

Silveira, Marcos Antonio Coutinho da - 2015

inflation. Furthermore, home bias in households' preferences allows for real exchange rate fluctuation, giving rise to …

Persistent link: https://www.econbiz.de/10012038711

Can monetary policy drive economic growth? : empirical evidence from Tanzania

Twinoburyo, Enock Nyorekwa; Odhiambo, Nicholas M. - In: Contemporary economics 12 (2018) 2, pp. 207-222

The role of monetary policy in promoting economic growth remains empirically an open research question. This paper attempts to bridge the knowledge gap by investigating the impact of monetary policy on economic growth in Tanzania during the period from 1975 to 2013, using the autoregressive...

Persistent link: https://www.econbiz.de/10011889569

Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy

Christiano, Lawrence J.; Eichenbaum, Martin; Evans, … - 2007

inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after …

Persistent link: https://www.econbiz.de/10014125007