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Recursive equilibrium in Krusell and Smith (1998)
Cao, Dan Vu - 2018
establishes the existence of sequential competitive equilibrium, generalized recursive equilibrium, recursive equilibrium with an … extended-state space, and characterizes several important properties of the equilibrium variables. The equilibrium process … shocks such as Huggett (1997)'s economy. However, the existence of recursive equilibrium with the natural minimal state space …
Persistent link: https://www.econbiz.de/10011919029
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Business Cycles... Without Productivity Shocks
Busato, Francesco - 2003
fairly well the main aspects of actual fluctuations for the US economy into a two-sector general equilibrium model aggregate … equilibrium model with where fluctuations are demand driven. This analysis, thus, brings together real business cycle theory into …
Persistent link: https://www.econbiz.de/10014087427
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Macroeconomic Learning and the Propagation of Technology Shocks
Fout, Hamilton B. - 2008
We incorporate learning in a standard dynamic stochastic general equilibrium model along two empirically …
Persistent link: https://www.econbiz.de/10012725179
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Information Acquisition by Price-Setters and Monetary Policy
Hahn, Volker - 2007
In this paper we examine a model where firms decide on the intensity of information acquisition about shocks. We analyze how the monetary policy framework impacts on the aggregate amount of information collected by firms. We show that it is socially beneficial to delegate monetary policy to a...
Persistent link: https://www.econbiz.de/10011753137
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The macroeconomic pass-through effects of monetary policy through sign restrictions approach : in the case of Albania
Shijaku, Gerti - 2015
This paper examines the transmission mechanism of monetary policy in Albania during 2002 M01 - 2014 M12. The main question addresses the macroeconomic pass-through effects of a monetary policy shock, with regards to a conventional interest rate and possible different balance sheet policy...
Persistent link: https://www.econbiz.de/10011285419
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Information acquisition by price-setters and monetary policy
Hahn, Volker - 2007 - This version: September 2007
In this paper we examine a model where firms decide on the intensity of information acquisition about shocks. We analyze how the monetary policy framework impacts on the aggregate amount of information collected by firms. We show that it is socially beneficial to delegate monetary policy to a...
Persistent link: https://www.econbiz.de/10003761371
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The EAGLE model for Hungary : a global perspective
Békesi, László; Kaszab, Lóránt; Szentmihályi, Szabolcs - 2017
In this paper we adopt the Hungarian version of the EAGLE (Euro Area GLobal Economy) model. The version of the EAGLE model used in this paper allows for the high import content of export - a typical feature of small open economies such as Hungary. We study the effects of four globally important...
Persistent link: https://www.econbiz.de/10011674240
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A banking explanation of the US velocity of money: 1919 - 2004
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2009
The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series data (Ingram et al., 1994). Model velocity is stable...
Persistent link: https://www.econbiz.de/10010288749
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Money velocity in an endogenous growth business cycle with credit shocks
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2007
The paper sets the neoclassical monetary business cycle model within endogenous growth, adds exchange credit shocks, and finds that money and credit shocks explain much of the velocity variation. The role of the shocks varies across sub-periods in an intuitive fashion. Endogenous growth is key...
Persistent link: https://www.econbiz.de/10010322477
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Money velocity in an endogenous growth business cycle with credit shocks
Benk, Szilárd; Gillman, Max; Kejak, Michal - 2007
The explanation of velocity in neoclassical monetary business cycle models relies on a goods productivity shocks to mimic the dataís procyclic velocity feature; money shocks are not important; and the Önancial sector plays no role. This paper sets the model within endogenous growth, adds...
Persistent link: https://www.econbiz.de/10010322765