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New Keynesian dynamics in a low interest rate environment

Braun, R. Anton; Körber, Lena Mareen - 2011

Recent research has found that the dynamic properties of the New Keynesian model can be very different when the nominal interest rate is zero. Improvements in technology and reductions in the labor tax rate lower economic activity, and the size of the government purchase output multiplier can be...

Persistent link: https://www.econbiz.de/10010292223

Simple versus optimal rules as guides to policy

Brock, William A.; Durlauf, Steven N.; Nason, James M.; … - 2007

This paper contributes to the policy evaluation literature by developing new strategies to study alternative policy rules. We compare optimal rules to simple rules within canonical monetary policy models. In our context, an optimal rule represents the solution to an intertemporal optimization...

Persistent link: https://www.econbiz.de/10010292303

Inflation targeting rules and welfare in an asymmetric currency area

Lombardo, Giovanni - 2004

This paper studies the effect on monetary policy of a non-homogeneous degree of competition across the (two) members of a monetary union. In particular, we assess the welfare loss brought about by the use of a simple interest rate rule that does not take into account such structural differences....

Persistent link: https://www.econbiz.de/10010295631

Imperfect Competition, Monetary Policy and Welfare in a Currency Area

Lombardo, Giovanni - 2002

auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die … intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor …

Persistent link: https://www.econbiz.de/10010295738

The European Phillips curve: Does the NAIRU exist?

Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2003

This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the...

Persistent link: https://www.econbiz.de/10010332742

The elusive welfare economics of price stability as a monetary policy objective: why New Keynesian central bankers should validate core inflation

Buiter, Willem H. - 2006

The paper studies the inflation rate associated with optimal monetary and fiscal policy in a number of standard dynamic stochastic general equilibrium models with nominal price rigidities. While the focus is on Calvo-style nominal price contracts with a range of indexation rules for constrained...

Persistent link: https://www.econbiz.de/10011604655

Involuntary unemployment and the business cycle

Christiano, Lawrence; Trabandt, Mathias; Walentin, Karl - 2010

We propose a monetary model in which the unemployed satisfy the official US definition of unemployment: they are people without jobs who are (i) currently making concrete efforts to find work and (ii) willing and able to work. In addition, our model has the property that people searching for...

Persistent link: https://www.econbiz.de/10011605248

Credit risk transfers and the macroeconomy

Faia, Ester - 2010

The recent financial crisis has highlighted the limits of the "originate to distribute" model of banking, but its nexus with the macroeconomy and monetary policy remains unexplored. I build a DSGE model with banks (along the lines of Holmström and Tirole [28] and Parlour and Plantin [39]) and...

Persistent link: https://www.econbiz.de/10011605302

Deutsche Konjunktur im Zeichen billigen Öls und billigen Geldes

Bardt, Hubertus; Brügelmann, Ralph; Cholewa, Jan; … - In: IW-Trends - Vierteljahresschrift zur empirischen … 42 (2015) 2, pp. 3-24

Die deutsche Wirtschaft ist konsumseitig mit Schwung in das Jahr 2015 gestartet. Zahlreiche Faktoren sorgen aktuell für eine sehr gute Konsumstimmung und eine hohe Dynamik beim Privaten Verbrauch: fallende Energiepreise, extrem niedrige Zinsen, die gute Lage auf dem Arbeitsmarkt sowie einmalige...

Persistent link: https://www.econbiz.de/10011633389

Oligopolistic competition and optimal monetary policy

Faia, Ester - 2009

The literature has shown that product market frictions and firms dynamic play a crucial role in reconciling standard DSGE with several stylized facts. This paper studies optimal monetary policy in a DSGE model with sticky prices and oligopolistic competition. In this model firms' monopolistic...

Persistent link: https://www.econbiz.de/10010265256

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