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Does monetary policy credibility help in anchoring inflation expectations? Evidence from six inflation targeting emerging economies
Güler, Aslı - In: Journal of Central Banking Theory and Practice 10 (2021) 1, pp. 93-111
extent to which inflation expectations are formed by the announced targets. As the credibility of the central bank increases … expectation in emerging economies. The findings denote that credibility is quite relevant to reduce inflation expectations and … inflation targeting system is inflation expectations. The success of a central bank in achieving targets depends on to the …
Persistent link: https://www.econbiz.de/10014558525
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News versus sunspot shocks in a New Keynesian model
Karnizova, Lilia - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-19, pp. 1-27
Separately, news and sunspot shocks have been shown empirically to be determinants of changes in expectations. This … expectations solutions is derived analytically. The analytical characterization allows an explicit comparison of news about future …
Persistent link: https://www.econbiz.de/10010300732
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Policy experiments in an agent-based model with credit networks
Assenza, Tiziana; Cardaci, Alberto; Delli Gatti, Domenico; … - In: Economics: The Open-Access, Open-Assessment E-Journal 12 (2018) 2018-47, pp. 1-17
In this paper the authors extend the macroeconomic agent-based model described in Delli Gatti, D., Desiderio, S., Gaffeo, E., Cirillo, P. and Gallegati, M. (Macroeconomics from the bottom-up, 2011) with the inclusion of a bank-bank network that mimics real-world dynamics of interbank markets....
Persistent link: https://www.econbiz.de/10011881168
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Computational evidence on the distributive properties of monetary policy
Chen, Siyan; Desiderio, Saul - In: Economics: The Open-Access, Open-Assessment E-Journal 12 (2018) 2018-62, pp. 1-32
Empirical studies have pointed out that monetary policy may significantly affect income and wealth inequality. To investigate the distributive properties of monetary policy the authors resort to an agent-based macroeconomic model where firms, households and one bank interact on the basis of...
Persistent link: https://www.econbiz.de/10011917554
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Forecasting investment and consumption behavior of economic agents through dynamic computable general equilibrium model
Ahmed, Irfan; Socci, Claudio; Severini, Francesca; … - In: Financial Innovation 4 (2018) 1, pp. 1-21
Much research has been devoted to examination of the financial easing policy of the European Central Bank (ECB). However, this study is one of the first to use a dynamic micro-founded model to investigate empirically the impact of the ECB's Quantitative Easing (QE) policy on consumption and...
Persistent link: https://www.econbiz.de/10012602773
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Interactions in the New Keynesian DSGE models: The Boltzmann-Gibbs machine and social networks approach
Chen, Shu-heng; Chang, Chia-ling - In: Economics: The Open-Access, Open-Assessment E-Journal 6 (2012) 2012-26, pp. 1-32
The BoltzmannGibbs distribution is currently widely used in economic modeling. One of the applications is integrated with the DSGE (Dynamic Stochastic General Equilibrium) model. However, a question that arises concerns whether the BoltzmannGibbs distribution can be directly applied, without...
Persistent link: https://www.econbiz.de/10010309601
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DSGE Models and Central Banks
Tovar, Camilo Ernesto - In: Economics: The Open-Access, Open-Assessment E-Journal 3 (2009) 2009-16, pp. 1-31
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...
Persistent link: https://www.econbiz.de/10010298635
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Growth prospects, the natural interest rate, and monetary policy
Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - In: Economics: The Open-Access, Open-Assessment E-Journal 13 (2019) 2019-35, pp. 1-34
The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP...
Persistent link: https://www.econbiz.de/10012023260
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Euro area monetary policy transmission in Estonia
Errit, Gertrud; Uusküla, Lenno - In: Baltic Journal of Economics 14 (2014) 1-2, pp. 55-77
This paper studies the effect of a monetary policy shock in the euro area on the main Estonian economic and financial variables between 2000 and 2012. Using a standard structural vector autoregression (SVAR) model we find strong and persistent effects on Estonian GDP, private consumption,...
Persistent link: https://www.econbiz.de/10011868487
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Post-crisis business investment in the euro area and the role of monetary policy
Ademmer, Martin; Jannsen, Nils - In: Applied Economics 50 (2018) 34-35, pp. 3787–3797
Business investment in the euro area strongly declined during the Global Financial Crisis and the Sovereign Debt Crisis. It has not yet rebounded to its pre-crisis trend despite the very expansionary monetary policy measures of the ECB. We analyse the sluggish recovery in business investment in...
Persistent link: https://www.econbiz.de/10011877516