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The Macroeconomic Consequences of EMU: International Evidence from a DSGE Model

Röhe, Oke; Jerger, Jürgen - 2010

In this paper, we estimate a New Keynesian DSGE model developed by Ireland (2003) on French, German and Spanish data … with the aim to explore the macroeconomic consequences of EMU. In order to validate the results from the DSGE model, we … amend this analysis by stability tests of monetary policy reaction functions for these countries. We find that (a) the DSGE …

Persistent link: https://www.econbiz.de/10010270116

The cross-section of output and inflation in a dynamic stochastic general equilibrium model with sticky prices

Döpke, Jörg; Funke, Michael; Holly, Sean; Weber, Sebastian - 2009

In a standard dynamic stochastic general equilibrium framework, with sticky prices, the cross sectional distribution of output and inflation across a population of firms is studied. The only form of heterogeneity is confined to the probability that the ith changes its prices in response to a...

Persistent link: https://www.econbiz.de/10010271147

Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation

de Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 2009

We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...

Persistent link: https://www.econbiz.de/10010277123

Risk, intermediate input prices and missing deflation during the Great Recession

Kara, Engin; Pirzaday, Ahmed Jamal - 2015

During the Great Recession, despite the large fall in output, inflation did not fall much. This is known as the missing deflation puzzle. In this paper, we develop and estimate a New Keynesian Dynamic Stochastic General Equilibrium model to provide an explanation for the puzzle. The new model...

Persistent link: https://www.econbiz.de/10011440138

Trend dominance in macroeconomic fluctuations

Shibayama, Katsuyuki - 2015

concern about the convention that the non-stationary data is detrended in standard DSGE-type structural estimation, in the …

Persistent link: https://www.econbiz.de/10011445274

Dynamic effects of monetary policy shocks on macroeconomic volatility

Mumtaz, Haroon; Theodoridis, Konstantinos - 2015

We use a simple New Keynesian model, with firm specific capital, non-zero steady-state inflation, long-run risks and Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy rate by 150 basis points causes output and inflation...

Persistent link: https://www.econbiz.de/10011460767

Estimating time-varying DSGE models using minimum distance methods

Giraitis, Liudas; Kapetanios, George; Theodoridis, … - 2015

inference method to map from this TV VAR to time variation in implied Dynamic Stochastic General Equilibrium (DSGE) parameters …

Persistent link: https://www.econbiz.de/10011460775

How does population aging affect the effectiveness of monetary and fiscal policies?

Yoshino, Naoyuki; Miyamoto, Hiroaki - 2019

This paper studies how population aging affects macroeconomic performance and the effectiveness of macroeconomic policies. By using a new Keynesian dynamic stochastic general equilibrium model with heterogeneous households, we find that the effectiveness of monetary policy diminishes as...

Persistent link: https://www.econbiz.de/10012255046

Bank contagion in general equilibrium

Ferrari, Massimo Minesso - 2020

In this paper, I incorporate a complex network model into a state of the art stochastic general equilibrium framework with an active interbank market. Banks exchange funds one another generating a complex web of interbanking relations. With the tools of network analysis it is possible to study...

Persistent link: https://www.econbiz.de/10012422094

Evaluation and indirect inference estimation of inattentive features in a New Keynesian framework

Chou, Jenyu; Cao, Yifei; Minford, Patrick - 2022

We test the standard New Keynesian (NK) Dynamic Stochastic General Equilibrium (DSGE) model under the condition with …. Overall, our findings provide important implications on the modelling of expectation formation in the DSGE framework. …

Persistent link: https://www.econbiz.de/10013272180