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Learning about fiscal policy and the effects of policy uncertainty
Hollmayr, Josef; Matthes, Christian - 2013
The recent crisis in the United States has often been associated with substantial amounts of policy uncertainty. In this paper we ask how uncertainty about fiscal policy affects the impact of fiscal policy changes on the economy when the government tries to counteract a deep recession. The...
Persistent link: https://www.econbiz.de/10010211956
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Learning about fiscal policy and the effects of policy uncertainty
Hollmayr, Josef; Matthes, Christian - 2013
The recent crisis in the United States has often been associated with substantial amounts of policy uncertainty. In this paper we ask how uncertainty about fiscal policy affects the impact of fiscal policy changes on the economy when the government tries to counteract a deep recession. The...
Persistent link: https://www.econbiz.de/10010327538
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Dynamics of monetary-fiscal interaction under learning : conference paper
Hollmayr, Josef; Matthes, Christian - 2014 - Very preliminary and incomplete
The interaction between monetary and fiscal policy and the associated uncertainty about this interaction have been put on center stage by the recent financial crisis and the associated recession. In our model agents learn about both fiscal and monetary policy rules via the Kalman Filter. In...
Persistent link: https://www.econbiz.de/10010491162
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Tales of transition paths : policy uncertainty and random walks
Hollmayr, Josef; Matthes, Christian - 2015
What happens when fiscal and/or monetary policy changes systematically? We construct a DSGE model in which agents have …
Persistent link: https://www.econbiz.de/10011292321
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Tales of transition paths: Policy uncertainty and random walks
Hollmayr, Josef; Matthes, Christian - 2015
What happens when fiscal and/or monetary policy changes systematically? We construct a DSGE model in which agents have …
Persistent link: https://www.econbiz.de/10011291861
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Learning and the Size of the Government Spending Multiplier.
QUAGHEBEUR, E. - Faculteit Economie en Bedrijfskunde, Universiteit Gent - 2013
small-scale new Keynesian DSGE model with this adaptive learning mechanism crowds in private consumption and is associated … adaptive learning scheme. The learning mechanism is such that the agents forecast future values of forward-looking variables … by this learning mechanism. In contrast to the dynamics under rational expectations, a government spending shock in a …
Persistent link: https://www.econbiz.de/10011083100
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Learning About Fiscal Policy and the Effects of Policy Uncertainty
Hollmayr, Josef - 2013
The recent crisis in the United States has often been associated with substantial amounts of policy uncertainty. In this paper we ask how uncertainty about fiscal policy affects the impact of fiscal policy changes on the economy when the government tries to counteract a deep recession. The...
Persistent link: https://www.econbiz.de/10013075017
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Learning About Fiscal Policy and the Effects of Policy Uncertainty
Hollmayr, Josef - 2016
The recent crisis in the United States has often been associated with substantial amounts of policy uncertainty. In this paper we ask how uncertainty about fiscal policy affects the impact of fiscal policy changes on the economy when the government tries to counteract a deep recession. The...
Persistent link: https://www.econbiz.de/10012988649
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The signaling effects of fiscal announcements
Melosi, Leonardo; Morita, Hiroshi; Rogantini Picco, Anna; … - 2024
Announcing a large fiscal stimulus may signal the government’s pessimism about the severity of a recession to the private sector, impairing the stabilizing effects of the policy. Using a theoretical model, we show that these signaling effects occur when the stimulus exceeds expectations and...
Persistent link: https://www.econbiz.de/10015052575
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The German labor market during the Great Recession : shocks and institutions
Gehrke, Britta; Lechthaler, Wolfgang; Merkl, Christian - 2017
This paper analyzes Germany's unusual labor market experience during the Great Recession. We estimate a general equilibrium model with a detailed labor market block for post-unification Germany. This allows us to disentangle the role of institutions (short-time work, government spending rules)...
Persistent link: https://www.econbiz.de/10011634724