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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

Staggered Price Setting and Real Rigidities

Kiley, Michael T. - 1998

This paper emphasizes the notion that model features that contribute to endogenous price rigidity under staggered price setting lower the elasticity of marginal cost with respect to output, and these same model features tend to generate equilibrium indeterminacy, or "sunspot fluctuations," under...

Persistent link: https://www.econbiz.de/10014062020

Partial Adjustment and Staggered Price Setting

Kiley, Michael T. - 2001

This paper compares Taylor-style staggered price setting to partial adjustment of prices (or Calvo staggering) in a small optimizing IS/LM model. In contrast to the overwhelming perception in the literature, the models are not similar for most parameterizations. In particular, the dynamic...

Persistent link: https://www.econbiz.de/10014124088

Real Wages and Monetary Policy : A DSGE Approach

Perry, Bryan J. - 2012

response to a positive monetary policy shock, for example, is taken as evidence that prices are stickier than wages. In this … shock. Accordingly, examining the response of real wages is not enough to sort out the relative stickiness of prices and … relative stickiness of wages and prices from examining only the response of real wages to a monetary policy shock …

Persistent link: https://www.econbiz.de/10013110031

Heterogeneous Households, Real Rigidity, and Estimated Duration of Price Contract in a Sticky-Price DSGE Model

Lee, Jae Won - 2010

This paper develops and estimates a multi-sector sticky-price model with heterogeneous households and incomplete markets. I show that household heterogeneity amplifies the persistence and volatility of business cycle fluctuations by generating strategic complementarities in firms' pricing...

Persistent link: https://www.econbiz.de/10013148246

The Price Puzzle Revisited : Can the Cost Channel Explain a Rise in Inflation after a Monetary Policy Shock?

Henzel, Steffen - 2013

This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...

Persistent link: https://www.econbiz.de/10012753889

Skewed SVARs : Tracking the Structural Sources of Macroeconomic Tail Risks

Montes-Galdón, Carlos; Ortega, Eva - 2022

This paper proposes a vector autoregressive model with structural shocks (SVAR) that are identified using sign restrictions and whose distribution is subject to time-varying skewness. It also presents an efficient Bayesian algorithm to estimate the model. The model allows for the joint tracking...

Persistent link: https://www.econbiz.de/10013296441

Nonlinear pass-through of exchange rate shocks on inflation : a Bayesian smooth transition VAR approach

Rincón Castro, Hernán; Rodríguez-Niño, Norberto - 2016

short and long-term impact of an exchange rate shock on inflation along the distribution chain in the presence of … shock to a maximum of around 66% in the first year. The equivalent figures on the inflation of producer goods go from 13% to …

Persistent link: https://www.econbiz.de/10011554700

Nonlinear State and Shock Dependence of Exchange Rate Pass Through on Prices

Rincon, Hernan - 2018

shock dependent. There are two main policy implications of these findings. First, models used by central banks for …

Persistent link: https://www.econbiz.de/10012929608

On the dynamic effects of the cross-section distribution of sectoral price changes in China

Gu, Biao; Fu, Liying; Yu, Kehuan - In: International studies of economics 18 (2023) 4, pp. 468-501

This paper investigates the dynamic interactions of the cross-section distribution of sectoral price changes and the output growth in the Chinese economy. We compare in depth the results of Granger causality tests, Impulse Response, and Forecast Error Variance Decompositions from Mixed Sampling...

Persistent link: https://www.econbiz.de/10014465997