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Benefits and spillovers of greater competition in Europe: a macroeconomic assessment
Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo - 2004
Using a general-equilibrium simulation model featuring nominal rigidities and monopolistic competition in product and labor markets, this paper estimates the macroeconomic benefits and international spillovers of an increase in competition. After calibrating the model to the euro area vs. the...
Persistent link: https://www.econbiz.de/10011604387
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Welfare-based monetary policy rules in an estimated DSGE model of the US economy
Juillard, Michel; Karam, Philippe; Laxton, Douglas; … - 2006
We develop and estimate a stylized micro-founded model of the US economy. Next we compute the parameters of a simple interest rate policy rule that maximizes the unconditional mean of utility. We show that such a welfare-based rule lies close to the Taylor efficiency frontier. A counterfactual...
Persistent link: https://www.econbiz.de/10011604659
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Benefits and spillovers of greater competition in Europe: A macroeconomic assessment
Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo - 2004
We estimate the macroeconomic benefits and international spillovers of an increase in competition using a general-equilibrium simulation model with nominal rigidities and monopolistic competition in product and labor markets. We draw three conclusions after calibrating the model to the euro area...
Persistent link: https://www.econbiz.de/10010283416
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Macroeconomic effects of greater competition in the service sector: the case of Italy
Forni, Lorenzo; Gerali, Andrea; Pisani, Massimiliano - Banca d'Italia - 2009
-country comparisons, is the OECD country with the highest markups in non-manufacturing industries. We propose a two-region (Italy and the … competition in the Italian services sector. Our results indicate that reducing the service sector markups to the levels of the …
Persistent link: https://www.econbiz.de/10005642129
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Structural reforms and zero lower bound in a monetary union
Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2015
We assess the short- and medium-term macroeconomic effects of competition-friendly reforms in the service sector when the monetary policy rate is stuck at the zero lower bound (ZLB) in a monetary union. We calibrate a large-scale multi-country multi-sector dynamic general equilibrium model to...
Persistent link: https://www.econbiz.de/10011184261
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On the (in-)stability and the endogeneity of the "normal" rate of capacity utilisation in a post-Keynesian/Kaleckian "monetary" distribution and growth model
Hein, Eckhard - 2006
. Since inflation in our model is driven by distribution conflict, the "normal rate" of utilisation is associated with … consistent claims of firms and employees. Taking into account real debt effects of changes in inflation and distribution effects … Inflation in unserem Modell durch Verteilungskonflikte verursacht wird, ist der normale Auslastungsgrad durch miteinander …
Persistent link: https://www.econbiz.de/10003744529
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The tale of two economies : inflationary dynamics in the euro area and the US in the context of uncertainty
Collignon, Stefan - In: Economies : open access journal 12 (2024) 7, pp. 1-27
through which uncertainty influences inflation, wage cost, and unemployment is the markup firms charge to cover their cost of …
Persistent link: https://www.econbiz.de/10014636214
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Wage Bargaining and Monetary Policy in a Kaleckian Monetary Distribution and Growth Model: Trying to Make Sense of the NAIRU
Hein, Eckhard - In: Intervention. Zeitschrift fuer Ökonomie / Journal of … 03 (2006) 2, pp. 305-329
In a Kaleckian monetary distribution and growth model with conflict inflation we assess the role of a Non …-Accelerating Inflation Rate of Unemployment (NAIRU). The short-run stability of a NAIRU is examined taking into account real debt effects of … accelerating and decelerating inflation, and the short-run effectiveness of monetary policy interventions applying the interest …
Persistent link: https://www.econbiz.de/10014362989
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On the (in-)stability and the endogeneity of the "normal" rate of capacity utilisation in a post-Keynesian/Kaleckian "monetary" distribution and growth model
Hein, Eckhard - 2006
. Since inflation in our model is driven by distribution conflict, the 'normal rate' of utilisation is associated with … consistent claims of firms and employees. Taking into account real debt effects of changes in inflation and distribution effects …
Persistent link: https://www.econbiz.de/10010460437
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On the (in-)stability and the endogeneity of the "normal" rate of capacity utilisation in a post-Keynesian/Kaleckian "monetary" distribution and growth model
Hein, Eckhard - Institut für Makroökonomie und Konjunkturforschung … - 2006
. Since inflation in our model is driven by distribution conflict, the ‘normal rate’ of utilisation is associated with … consistent claims of firms and employees. Taking into account real debt effects of changes in inflation and distribution effects …
Persistent link: https://www.econbiz.de/10005764570