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Forecasting and policy making
Wieland, Volker; Wolters, Maik H. - 2012
Persistent link: https://www.econbiz.de/10010394237
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The New Keynesian approach to dynamic general equilibrium modeling : models, methods, and macroeconomic policy evaluation
Schmidt, Sebastian; Wieland, Volker - 2012
This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...
Persistent link: https://www.econbiz.de/10010391304
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Chapter 22. The New Keynesian Approach to Dynamic General Equilibrium Modeling: Models, Methods and Macroeconomic Policy Evaluation
Schmidt, Sebastian; Wieland, Volker - In: Handbook of computable general equilibrium modeling : …, (pp. 1439-1512). 2013
This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...
Persistent link: https://www.econbiz.de/10014025269
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Estimated general equilibrium models for the evaluation of monetary policy in the US and Europe
Leith, Campbell B.; Malley, James R. - 2002
of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …
Persistent link: https://www.econbiz.de/10011409738
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Estimated General Equilibrium Models for the Evaluation of Monetary Policy in the Us and Europe
Leith, Campbell; Malley, Jim - 2021
of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …
Persistent link: https://www.econbiz.de/10013320548
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Expectations Formation and the Effectiveness of Strategies for Limiting the Consequences of the Zero Bound on Interest Rates
Reifschneider, David; Roberts, John M. - 2006
; and the adoption of a price-level target. We consider two assumptions about expectations formation. One assumption is … fully model-consistent expectations (MCE) - a reasonable assumption when a policy has been in place for some time, but …, and that other agents form their expectations using a small-scale VAR model estimated using historical data. All of the …
Persistent link: https://www.econbiz.de/10014060193
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The role of fiscal policy : a survey of recent empirical findings
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - 2023
DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on interest rates (ZLB), and varying price duration, can account well for recent macroeconomic behavior across a variety of economies. These models Önd that active Öscal policy...
Persistent link: https://www.econbiz.de/10014433366
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Myths and maths: macroeconomic effects of fiscal adjustments in Hungary
Horváth, Ágnes; Jakab, M. Zoltán; Kiss, Gábor P.; … - 2006
In this paper we investigate the possible effects of fiscal tightening in Hungary from two perspectives. First, simulations in an estimated neo-Keynesian model are used to characterise the effects of different scenarios for fiscal consolidations. We show that the composition of fiscal shocks is...
Persistent link: https://www.econbiz.de/10003347824
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New methods for macro-financial model comparison and policy analysis
Wieland, Volker; Afanasyeva, Elena; Ngougning, Meguy Kuete - 2016
The global financial crisis and the ensuing criticism of macroeconomics have inspired researchers to explore new modeling approaches. There are many new models that deliver improved estimates of the transmission of macroeconomic policies and aim to better integrate the financial sector in...
Persistent link: https://www.econbiz.de/10011527276
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Financial stability and macroprudential policy : a structural model evaluation of an emerging economy
Aguirre, Horacio; Blanco, Emilio - 2016
We build a small structural open economy model, augmented to depict the credit market and interest rate spreads (distinguishing by credit to firms and families); monetary policy with sterilized intervention in the foreign exchange market; and macroprudential policy as capital requirements. We...
Persistent link: https://www.econbiz.de/10011409436