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Monetary policy and hysteresis in potential output
Kienzler, Daniel; Schmid, Kai D. - 2013
potential output is subject to hysteresis. We augment a basic NewKeynesian model by hysteresis in potential output and contrast … simulation outcomes of this extended model to the standard model. We find that considering hysteresis allows for a more realistic …
Persistent link: https://www.econbiz.de/10009772964
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Monetary Policy and Hysteresis in Potential Output
Kienzler, Daniel - 2014
potential output is subject to hysteresis. We augment a basic New Keynesian model by hysteresis in potential output and contrast … simulation outcomes of this extended model to the standard model. We find that considering hysteresis allows for a more realistic …
Persistent link: https://www.econbiz.de/10013057385
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Monetary policy and hysteresis in potential output
Kienzler, Daniel; Schmid, Kai D. - 2013
potential output is subject to hysteresis. We augment a basic New Keynesian model by hysteresis in potential output and contrast … simulation outcomes of this extended model to the standard model. We find that considering hysteresis allows for a more realistic … active output gap stabilization arises from stability analyses and welfare considerations. -- Monetary Policy ; Hysteresis …
Persistent link: https://www.econbiz.de/10009736122
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Supply or demand? : policy makers' confusion in the pesence of hysteresis
Fatás, Antonio; Singh, Sanjay R. - 2022
aggregate demand policies. In this paper we study the case of a central bank that ignores the presence of hysteresis when … interaction between forecasts, policies and hysteresis creates the dynamics of self-perpetuating errors that is the focus of this …
Persistent link: https://www.econbiz.de/10013179263
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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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Yield Expectations and Monetary Policy
Carr, Douglas - 2012
This paper applies a yield curve model that separates expectations and volatility components of market yields on default-free bonds. Expected future riskless rates derived from the model are unbiased, reasonably accurate indicators of subsequent actual riskless rates for periods up to three...
Persistent link: https://www.econbiz.de/10013116388
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Monetary Equilibrium and Price Stickiness Reconsidered : A Reply to Bagus and Howden
Luther, William J. - 2014
Bagus and Howden (2011) argue that price stickiness is a poor justification for advocating a flexible money supply through the issuing of fiduciary media under central or free banking. They view the contraction in output following an exogenous increase in money demand as an optimal response,...
Persistent link: https://www.econbiz.de/10013066751
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Credit Risk, Excess Reserves and Monetary Policy : The Deposits Channel
Bratsiotis, George - 2018
This paper examines the role of precautionary liquidity (reserves) and the interest on reserves as two potential determinants of the deposits channel that can help explain the role of monetary policy, particularly at the near zero-bound. Through the deposits channel either of these two...
Persistent link: https://www.econbiz.de/10012930610
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Monetary Misperceptions : Optimal Monetary Policy Under Incomplete Information
Halperin, Basil - 2018
Inflation targeting is strictly suboptimal when economic actors have incomplete information about the state of the economy. Nominal income targeting is approximately optimal, and exactly optimal under certain parameterizations. We derive this result in a “Lucas islands” monetary...
Persistent link: https://www.econbiz.de/10012933106
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Persistence and Nominal Inertia in a Generalized Taylor Economy : How Longer Contracts Dominate Shorter Contracts
Dixon, Huw David; Kara, Engin - 2021
In this paper we develop the Generalized Taylor Economy (GTE) in which there are many sectors with overlapping contracts of different lengths. In economies with the same average contract length, monetary shocks will be more persistent when longer contracts are present. We are able to solve the...
Persistent link: https://www.econbiz.de/10013318551