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Animal spirits and monetary policy
De Grauwe, Paul - In: Economic theory : official journal of the Society for … 47 (2011) 2/3, pp. 423-457
Persistent link: https://www.econbiz.de/10009126578
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Top-down versus bottom-up macroeconomics ; what's wrong with modern macroeconomics?
De Grauwe, Paul - In: CESifo economic studies : CESifo, a joint initiative of … 56 (2010) 4, pp. 465-497
I distinguish two types of macroeconomic models. The first type are top-down models in which some or all agents are capable of understanding the whole picture and use this superior information to determine their optimal plans. The second type are bottom-up models in which all agents experience...
Persistent link: https://www.econbiz.de/10008809504
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Sources of macroeconomic fluctuations : a regime-switching DSGE approach
Liu, Zheng; Waggoner, Daniel F.; Zha, Tao - In: Quantitative economics : QE ; journal of the … 2 (2011) 2, pp. 251-301
We examine the sources of macroeconomic fluctuations by estimating a variety of richly parameterized DSGE models within a unified framework that incorpo- rates regime switching both in shock variances and in the inflation target. We propose an efficient methodology for estimating...
Persistent link: https://www.econbiz.de/10011756316
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An assessment of inflation targeting in a quantitative monetary business cycle framework : evidence from four early adopters
Cho, Dooyeon; Rhee, Dong-Eun - In: Applied economics 47 (2015) 31/33, pp. 3395-3413
Persistent link: https://www.econbiz.de/10011293537
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Discussion of "Price-level targeting and stabilization policy"
Eggertsson, Gauti B. - In: Journal of money, credit and banking : JMCB 43 (2011) 7, pp. 581-588
Persistent link: https://www.econbiz.de/10009349240
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Forecasting South African macroeconomic variables with a Markov-switching small open-economy dynamic stochastic general equilibrium model
Balcilar, Mehmet; Gupta, Rangan; Kotzé, Kevin - In: Empirical economics : a journal of the Institute for … 53 (2017) 1, pp. 117-135
Persistent link: https://www.econbiz.de/10011935894
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Statistical sunspots
Branch, William A.; McGough, Bruce; Zhu, Mei - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 1, pp. 291-329
and sunspots by establishing the existence of "statistical sunspots" in models that have a unique rational expectations … factors (e.g., sunspots, judgment, expectations shocks, etc.). In equilibrium, agents attribute, in a self‐fulfilling way …, some of the serial correlation observed in data to extrinsic noise, i.e., statistical sunspots. This leads to sunspot …
Persistent link: https://www.econbiz.de/10012806933
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Structural reforms, animal spirits, and monetary policies
De Grauwe, Paul; Ji, Yuemei - In: European economic review : EER 124 (2020), pp. 1-29
Persistent link: https://www.econbiz.de/10012264836
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Information stickiness on general equilibrium and endogenous cycles
Gomes, Orlando - 2013
Traditionally, observed fluctuations in aggregate economic time series have been mainly modeled as being the result of exogenous disturbances. A better understanding of macroeconomic phenomena, however, surely requires looking directly at the relations between variables that may trigger...
Persistent link: https://www.econbiz.de/10009708029
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Bureaucracy, underground activities, and fluctuations
Soldatos, Gerasimos Th. - In: Atlantic review of economics : AROE 2 (2014)
This is a note on corruption and underground economy in a Kaldor-type model of the business cycle. It appears that when the economy is booming and underground activities seek to enter the official economy, bureaucrats have the upper hand but until underground businesses cannot tolerate...
Persistent link: https://www.econbiz.de/10011308143