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A Small Forward-Looking Macroeconomic Model for Emu

Doménech, Rafael; Ledo, Mayte; Taguas, David - 2001

stabilizes inflation and output. The estimation of this model, which comprises forward-looking versions of the IS and the … this simple model matches the dynamic properties of the output gap, inflation and the interest rate in EMU quite accurately …. We also perform several exercises that show the response of output, inflation and interest rates to different kinds of …

Persistent link: https://www.econbiz.de/10014123649

Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries

Weisfeld, Hans; Carvalho Filho, Irineu de; Comelli, Fabio; … - 2021

In recent years, Fund staff has prepared cross-country analyses of macroeconomic vulnerabilities in low-income countries, focusing on the risk of sharp declines in economic growth and of debt distress. We discuss routes to broadening this focus by adding several macroeconomic and macrofinancial...

Persistent link: https://www.econbiz.de/10013250073

Macroeconomic Regimes

Baele, Lieven - 2015

. Key to our estimation strategy is the use of survey-based expectations for inflation and output. Output and inflation …

Persistent link: https://www.econbiz.de/10013037980

Lucas Island Model : A 'Case Study' for Improving Students' Skill in Interpreting Macroeconomic Models

Togati, Teodoro Dario - 2016

This paper develops a teaching apparatus of Lucas's 1972 model aimed at improving students' ability to interpret the underlying structure of modern macroeconomics models. In this respect, the Lucas island model represents the perfect "case study", since it falls into the narrow range of mile...

Persistent link: https://www.econbiz.de/10012980925

The Triumph of Keynesian Economics

Bartlett, Bruce - 2016

to deal with deflation. In essence, he wanted inflation to compensate for deflation, but contrary to conservative dogma …, Keynes was not a crude inflationist -- he wanted stable money and opposed both inflation and deflation. A key problem, then …

Persistent link: https://www.econbiz.de/10012983222

Macroeconomics of Extensive Margins : A Simple Model

Arespa, Marta - 2011

How do monopolistically competitive industries react to shocks in the context of a New Keynesian macro model? I bridge macroeconomics and trade theory by considering market dynamics. I use an analytically tractable closed-economy model with endogenous entry of firms and show the implications of...

Persistent link: https://www.econbiz.de/10013117918

Assessing Macro-Financial Linkages : A Model Comparison Exercise

Gerke, Rafael - 2012

The recent global financial crisis has increased interest in macroeconomic models that incorporate financial linkages. Here, we compare the simulation properties of five medium-sized general equilibrium models used in eurosystem central banks which incorporate such linkages. The financial...

Persistent link: https://www.econbiz.de/10013108526

Beyond DSGE : A Macrodynamic Model with Intertemporal Coordination Failure

Mazzocchi, Ronny - 2010

The current consensus in macroeconomics, or New Neoclassical Synthesis (NNS), is based on dynamically stochastic general equilibrium (DSGE) modelling with a RBC core to which nominal rigidities are added by way of imperfect competition. The strategy is to minimize the frictions that are required...

Persistent link: https://www.econbiz.de/10013147927

Disequilibrium Dynamics of the Monetary Economy : A Micro-Founded Synthesis of the Wicksellian Theory of Cumulative Process and the Keynesian Theory of Effective Demand

Iwai, Katsuhito - 2019

The present article is an attempt to reconstruct a macro-dynamic theory of the monetary economy on the basis of the theory of monopolistically competitive firms formulated as a micro-foundation for the decentralized price mechanism. It shows how the micro-founded theorization of the very...

Persistent link: https://www.econbiz.de/10012899318

Bridging the Gap between the Short and the Long Run in Macroeconomics : Outline of the GSMS-SS Model of Economic Growth and the Business Cycle

Mueller, Antony P. - 2014

revert into busts. If central banks pursue a policy of inflation targeting and prevent deflation from happening when …

Persistent link: https://www.econbiz.de/10013058914