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Macroeconomics must take radical uncertainty into account, if it aims at contributing to the solution of serious real-world problems such as climate change. Allowing for radical uncertainty must happen at two levels: the level of modeling and the level of the scientifi c discipline. I argue that...
Persistent link: https://www.econbiz.de/10011404811
We introduce time-varying systemic risk (à la He and Krishnamurthy, 2014) in an otherwise standard New-Keynesian model to study whether simple leaning-against-the-wind interest rate rules can reduce systemic risk and improve welfare. We find that while financial sector leverage contains...
Persistent link: https://www.econbiz.de/10011943311
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully non-linear stochastic...
Persistent link: https://www.econbiz.de/10014502634
This paper explores the dynamics of market selection for an industry in which firms employ relatively simple pricing, production and investment routines and in which consumers switch between rival firms in response to price differentials but do not all do so instantaneously. The key issue is...
Persistent link: https://www.econbiz.de/10005396086
The advent of multiple electrode recording, dense arrays and mathematical techniques such as non-linear dynamics has invigorated brain electrical recording techniques. Taking advantage of the excellent temporal resolution of the EEG, this summary review details several innovations, concentrating...
Persistent link: https://www.econbiz.de/10004977625
This paper analyzes the effects of macroeconomic shocks on the government debt dynamics in an open economy using the analytical framework of Favero and Giavazzi (2007) extended to an open economy. Applying this modeling approach to the data for the Czech Republic, the authors derive some...
Persistent link: https://www.econbiz.de/10011258615
This paper analyzes the effects of macroeconomic shocks on the government debt dynamics in an open economy using the analytical framework of Favero and Giavazzi (2007) extended to an open economy. Applying this modelling approach to the data for the Czech Republic, the authors derive some...
Persistent link: https://www.econbiz.de/10011195244
Применение математического метода в любой науке начинается с изучения языка математики. В статье рассматривается процесс формирования математического языка и...
Persistent link: https://www.econbiz.de/10011238639
This paper proposes a perturbation-based approach to implement the idea of endogenous financial risk in a standard DSGE macro-model. Recent papers, such as Mendoza (2010), Brunnermeier and Sannikov (2012) and He and Krishnamurthy (2012), that have stimulated the research field on endogenous risk...
Persistent link: https://www.econbiz.de/10010776908
This paper presents an empirical investigation of the intraday Brazilian stock market price fluctuations, considering q-Gaussian distributions that emerge from a non-extensive statistical mechanics. Our results show that, when price returns are measured over intervals less than one hour, the...
Persistent link: https://www.econbiz.de/10010874898