In this dissertation, I present five dynamic general equilibrium models. The distinguishing feature of these models is that they incorporate reciprocal altruistic behavior into an otherwise standard New Keynesian framework. In particular, I extend the New Keynesian model such that the assumed...

Since the 1990s, the effective global labor supply has increased strongly, in particular due to the integration of China and India into the global markets. This rise has also deteriorated the situation of low-skilled workers in advanced economies. This development raises important challenges for...

The thesis analyzes monetary and labor policies under different market frictions. In the first part several versions of a microfounded dynamic general equilibrium model with monopolistic competitors in the product and/or labor market are derived and simulated. First of all, the monetary...

This thesis investigates the role of exchange rate in a small open economy policy framework. Focusing the analysis on the crisis-hit East-Asian countries, the main objective of this thesis is to investigate the necessity of the monetary authority to concern about the exchange rate stability by...

This paper empirically assesses whether monetary policy affects real economic activity through its affect on the aggregate supply side of the macroeconomy. Analysts typically argue that monetary policy either does not affect the real economy, the classical dichotomy, or only affects the real...

Credit risk is influenced by interest rates and market liquidity. This paper examines the direct and indirect impacts of unexpected monetary policy shifts on the growth of corporate credit risk, with the aim of quantifying the size and direction of the response. The results surprisingly indicate...

An f-percent filter rule in a foreign exchange market calls for buying a foreign currency when its price has risen by f percent above a trough and holding until its price has fallen f percent from a peak. If the foreign exchange rate following a random walk, this is an unprofitable strategy....

This dissertation revisits the literature on the role of exchange rate flexibility in smoothing the adjustments of the economy to different disturbances. Recently, the role of flexible exchange rates in stabilizing the economy against real shocks has been challenged by the new open economy...

The basic machines of macroeconomics. Ramsey, Solow, Samuelson-Diamond, RBCs, ISLM, Mundell-Fleming, Fischer-Taylor. How they work, what shortcuts they take, and how they can be used. Half-term subject. From the course home page: Course Description This is the second course in the four-quarter...

The basic machines of macroeconomics. Ramsey, Solow, Samuelson-Diamond, RBCs, ISLM, Mundell-Fleming, Fischer-Taylor. How they work, what shortcuts they take, and how they can be used. Half-term subject. From the course home page: Course Description This is the second course in the four-quarter...