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BEMGIE : Belgian Economy in a Macro General and International Equilibrium model
De Walque, Gregory; Lejeune, Thomas; Rannenberg, Ansgar; … - 2023
This paper outlines the three-country New Keynesian Dynamic Stochastic General Equilibrium model of the National Bank of Belgium. The model is named BEMGIE for Belgian Economy in a Macro General and International Equilibrium model. It features imperfect market competition, standard real and...
Persistent link: https://www.econbiz.de/10014233574
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Forecasting performance of an open economy Dynamic Stochastic General Equilibrium model
Adolfson, Malin; Lindé, Jesper; Villani, Mattias - 2006 - Revised
This paper analyzes the forecasting performance of an open economy DSGE model, estimated with Bayesian methods, for the … forecasting models such as vector autoregressions (VAR) and vector error correction models (VECM), estimated both by maximum …-dimensional summaries, e.g. the log determinant statistic, as measures of overall forecasting performance. …
Persistent link: https://www.econbiz.de/10011584035
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Exchange rate misalignment and external imbalances : what is the optimal monetary policy response?
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2023
How should monetary policy respond to excessive capital inflows that appreciate the currency and widen the external deficit? Using the workhorse two-country open-macro model, we derive a quadratic approximation of the utility-based global loss function in incomplete market economies, and solve...
Persistent link: https://www.econbiz.de/10014362654
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Devaluation with exchange rate floor in a small open economy
Svacina, David - 2018
In recent years, central banks in the Czech Republic and Switzerland used exchange rate floor commitment to use unlimited FX interventions to keep the exchange rate above the declared floor rate to persistently devalue their currency and stimulate inflation. Central banks in other small open...
Persistent link: https://www.econbiz.de/10011809387
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Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area : a structural model-based approach
Jacquinot, Pascal; Lozej, Matija; Pisani, Massimiliano - 2018
We evaluate the effects of permanently reducing labour tax rates in the euro area (EA) by simulating a large-scale open economy dynamic general equilibrium model. The model features the EA as a monetary union, split in two regions (Home and the rest of the EA - REA), the US, and the rest of the...
Persistent link: https://www.econbiz.de/10011792134
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DSGE Models of High Exchange-Rate Volatility and Low Pass-Through
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2006
This paper develops a quantitative, dynamic, open-economy model which endogenously generates high exchange rate volatility, whereas a low degree of pass-through stems from both nominal rigidities (in the form of local currency pricing) and price discrimination. We model real exchange rate...
Persistent link: https://www.econbiz.de/10014061212
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MAJA: a two-region DSGE model for Sweden and its main trading partners
Corbo, Vesna; Strid, Ingvar - 2020
), is used by the Riksbank for interpretation of economic developments, forecasting, scenarios, and policy analysis. It …
Persistent link: https://www.econbiz.de/10012240452
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Non-Traded Goods and Real Exchange Rate Volatility in a Two-Country DSGE Model
Azcona, Nestor - 2016
This paper uses a two-country dynamic stochastic general equilibrium model (DSGE) to study how different characteristics of an economy, such as openness or price stickiness, affect the contribution of the relative price of non-traded goods to real exchange rate fluctuations. The model shows that...
Persistent link: https://www.econbiz.de/10013006501
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Capital mobility, consumption substitutability, and the effectiveness of monetary policy in open economies
Pierdzioch, Christian - 2002
This paper uses a dynamic general equilibrium two-country optimizing model to analyze the consequences of international capital mobility for the effectiveness of monetary policy in open economies. The model shows that the substitutability of goods produced in different countries plays a central...
Persistent link: https://www.econbiz.de/10001672461
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Capital mobility, consumption substitutability, and the effectiveness of monetary policy in open economies
Pierdzioch, Christian - 2002
This paper uses a dynamic general equilibrium two-country optimizing model to analyze the consequences of international capital mobility for the effectiveness of monetary policy in open economies. The model shows that the substitutability of goods produced in different countries plays a central...
Persistent link: https://www.econbiz.de/10011474961