Similar Search Results

Model Specification and Inflation Forecast Uncertainty

Bårdsen, Gunnar; Jansen, Eilev S.; Nymoen, Ragnar - 2001

Three classes of inflation models are discussed: Standard Phillips curves, New Keynesian Phillips curves and Incomplete Competition models. Their relative merits in explaining and forecasting inflation are investigated theoretically and empirically. We establish that Standard Phillips-curve...

Persistent link: https://www.econbiz.de/10012143568

Progress from Forecast Failure - the Norwegian Consumption Function

Eitrheim, Øyvind; Jansen, Eilev S.; Nymoen, Ragnar - 2000

After a forecast failure, a respecification is usually necessary to account for the data ex post, in which case there is a gain in knowledge as a result of the forecast failure. Using Norwegian consumption as an example, we show that the financial deregulation in the mid 1980s led to forecast...

Persistent link: https://www.econbiz.de/10012143572

Statistical Issues in Macroeconomic Modelling

Jansen, Eilev S. - 2000

The paper describes the influx of mathematical statistics in economics. It focuses on an approach to macroeconometric modelling which is based on fundamental statistical concepts like the joint distribution function of all observable variables for the whole sample period. The methodology relies...

Persistent link: https://www.econbiz.de/10012143574

Monetary Policy and Asset Prices: To Respond or Not?

Akram, Q. Farooq; Bårdsen, Gunnar; Eitrheim, Øyvind - 2005

and real economic stability. In contrast, a response to nominal exchange rate fluctuations can induce excess volatility in … general and prove detrimental to macroeconomic stability. …

Persistent link: https://www.econbiz.de/10012143645

Flexible Inflation Targeting and Financial Stability: Is It Enough to Stabilise Inflation and Output?

Akram, Q. Farooq; Eitrheim, Øyvind - 2006

We investigate empirically whether a central bank can promote financial stability by stabilizing inflation and output …, and whether additional stabilization of asset prices and credit growth would enhance financial stability in particular. We … tends to improve financial stability. Additional stabilization of house prices, equity prices and/or credit growth enhances …

Persistent link: https://www.econbiz.de/10012143659

Mismatch Shocks and Unemployment During the Great Recession

Furlanetto, Francesco; Groshenny, Nicolas - 2013

We investigate the macroeconomic consequences of fluctuations in the effectiveness of the labor-market matching process with a focus on the Great Recession. We conduct our analysis in the context of an estimated medium-scale DSGE model with sticky prices and equilibrium search unemployment that...

Persistent link: https://www.econbiz.de/10012143828

Regional US House Price Formation: One Model Fits All?

Anundsen, André K.; Heebøll, Christian - 2014

Does a "one model fits all" approach apply to the econometric modeling of regional house price determination? To answer this question, we utilize a panel of 100 US Metropolitan Statistical Areas over the period 1980q1-2010q2. For each area we estimate a separate cointegrated VAR model, focusing...

Persistent link: https://www.econbiz.de/10012143846

Did Us Consumers "Save for a Rainy Day" Before the Great Recession?

Anundsen, André K.; Nymoen, Ragnar - 2015

The 'saving for a rainy day' hypothesis implies that households' saving decisions reflect that they can (rationally) predict future income declines. The empirical relevance of this hypothesis plays a key role in discussions of fiscal policy multipliers and it holds under the null that the...

Persistent link: https://www.econbiz.de/10012143864

Detecting Imbalances in House Prices: What Goes up Must Come Down?

Anundsen, André K. - 2016

With the aid of econometric modeling, I investigate whether rapidly increasing house prices necessarily imply the existence of a bubble that will eventually burst. I consider four alternative econometric methods to construct indicators of housing market imbalances for the US, Finland and Norway....

Persistent link: https://www.econbiz.de/10012143889

Output Gap, Monetary Policy Trade-Offs and Financial Frictions

Furlanetto, Francesco; Gelain, Paolo; Sanjani, Marzie Taheri - 2017

This paper investigates how the presence of financial frictions and financial shocks changes the definition and the estimated dynamics of the output gap in a New Keynesian model. Financial shocks absorb explanatory power from efficient labor supply shocks, thus changing radically the dynamics of...

Persistent link: https://www.econbiz.de/10012143907