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Monetary policy and hysteresis in potential output

Kienzler, Daniel; Schmid, Kai D. - 2013

Persistent link: https://www.econbiz.de/10009772964

Monetary policy and hysteresis in potential output

Kienzler, Daniel; Schmid, Kai D. - 2013

potential output is subject to hysteresis. We augment a basic New Keynesian model by hysteresis in potential output and contrast … simulation outcomes of this extended model to the standard model. We find that considering hysteresis allows for a more realistic … active output gap stabilization arises from stability analyses and welfare considerations. -- Monetary Policy ; Hysteresis …

Persistent link: https://www.econbiz.de/10009736122

Hysteresis in potential output and monetary policy

Kienzler, Daniel; Schmid, Kai D. - 2013

Persistent link: https://www.econbiz.de/10010410454

Supply or demand? : policy makers' confusion in the pesence of hysteresis

Fatás, Antonio; Singh, Sanjay R. - 2022

aggregate demand policies. In this paper we study the case of a central bank that ignores the presence of hysteresis when … interaction between forecasts, policies and hysteresis creates the dynamics of self-perpetuating errors that is the focus of this …

Persistent link: https://www.econbiz.de/10013179263

Unobserved components model(s) : output gaps and financial cycles

Guillochon, Justine; Le Roux, Julien - 2023

The Global Financial Crisis established that policymakers should consider the stage of the financial cycle to better evaluate the cyclical position of the economy when designing monetary policy decisions. If financial variables are omitted from the estimations of the output gap, a common and...

Persistent link: https://www.econbiz.de/10014343145

Switching-track after the great recession

Vinci, Francesca; Licandro, Omar - 2021

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Persistent link: https://www.econbiz.de/10012533939

Monetary persistence, imperfect competition, and staggering complementarities

Merkl, Christian (contributor); … - 2007

This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of "quantitative inertia," after discussing...

Persistent link: https://www.econbiz.de/10003557342

Revisions of potential output estimates in the EU after the Great Recession

Dovern, Jonas; Zuber, Christopher - 2019

Using European Commission real-time data, we show that potential output (PO) estimates were substantially and persistently revised downwards after the Great Recession. We decompose PO revisions into revisions of the capital stock, trend labor, and trend total-factor productivity (TFP)....

Persistent link: https://www.econbiz.de/10012026398

Recessions and instable estimates of potential output

Dovern, Jonas; Zuber, Christopher - 2017

existence of substantial hysteresis effects of demand shocks. …

Persistent link: https://www.econbiz.de/10011798221

Central Bank misperceptions and the role of money in interest rate rules

Beck, Günter W.; Wieland, Volker - 2008

Research with Keynesian-style models has emphasized the importance of the output gap for policies aimed at controlling inflation while declaring monetary aggregates largely irrelevant. Critics, however, have argued that these models need to be modified to account for observed money growth and...

Persistent link: https://www.econbiz.de/10003825850

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