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Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy … volatility effects of the shock are driven by agents' concern about the (in)ability of the monetary authority to reverse … rate by 150 basis points causes output and inflation volatility to rise around 10% above their steady-state standard …
Persistent link: https://www.econbiz.de/10011389786
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shock has remained fairly stable. Simulations from a non-linear DSGE model suggest that these empirical results are …
Persistent link: https://www.econbiz.de/10010472799
Structural DSGE models are used for analyzing both policy and the sources of business cycles. Conclusions based on full … based on narrative shocks. This paper asks whether both approaches agree. Specifically, I use narrative data in a DSGE …‐SVAR that partially identify policy shocks in the VAR and assess the fit of the DSGE model relative to this narrative benchmark …
Persistent link: https://www.econbiz.de/10012214069
estimate a non-linear DSGE model with a heterogeneous banking sector and an occasionally binding borrowing constraint. The …
Persistent link: https://www.econbiz.de/10011617592
Central banks have usually employed short-term rates as the main instrument of monetary policy. In the last decades, however, forward guidance has also become a central tool for monetary policy. In an innovative way this paper combines two sources of extraneous information - high frequency...
Persistent link: https://www.econbiz.de/10012295693
In this study, we aimed to assess the effectiveness of monetary policy in influencing housing prices in Morocco. Bayesian estimation over the period 2007Q2-2017Q2 of a dynamic stochastic general equilibrium model allowed us to reveal a significant impact of the increase in policy interest rates...
Persistent link: https://www.econbiz.de/10015410086
subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate …
Persistent link: https://www.econbiz.de/10011434680
policy can support the macroeconomic transmission of fiscal interventions. We employ a DSGE model with financial frictions …
Persistent link: https://www.econbiz.de/10012241104