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Persistency and Money Demand Distortions in a Stochastic Dge Model with Sticky Prices

Gail, Michael - 2003

Recently macroeconomists have intensified their efforts to develop models that are able to generate persistent reactions of real variables to monetary shocks in stochastic DGE models with nominal rigidities. This has proven to be quite difficult in models with price staggering only. Most papers...

Persistent link: https://www.econbiz.de/10014113680

Persistency and Money Demand Distortions in a Stochastic Dge Model with Sticky Prices and Capital

Gail, Michael - 2003

This paper considers the implications of adding capital as a factor of production in a stochastic DGE model with sticky prices for the effects of money growth shocks. Particular attention is given to the role of money demand and to the form of the utility function. I consider cash-in-advance-...

Persistent link: https://www.econbiz.de/10014113681

Endogenous technology, scarring and fiscal policy

Schmöller, Michaela - 2022

occur endogenously through hysteresis effects in TFP. Both demand- and supply-driven recessions can weaken investment in R …

Persistent link: https://www.econbiz.de/10013463787

Monetary Persistence and the Labor Market : A New Perspective

Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2021

It is common knowledge that the standard New Keynesian model is not able to generate a persistent response in output to temporary monetary shocks. We show that this shortcoming can be remedied in a simple and intuitively appealing way through the introduction of labor turnover costs (such as...

Persistent link: https://www.econbiz.de/10013325145

Multivariate structural time series models with dual cycles : implications for measurement of output gap and potential growth

Moës, Philippe - 2008

enables hysteresis to be taken into account. Hysteresis is likely to show up in unemployment but it can also affect the … capital stock due to the existence of long investment cycles. In the proposed model, hysteresis may affect all the factor … be computed that are hysteresis-free and less prone to volatility. A complementary measure of the output gap that takes …

Persistent link: https://www.econbiz.de/10011610168

Aggregate demand, sunk costs and discontinuous adjustments in an amended new consensus model

Bassi, Federico - In: Review of political economy 28 (2016) 3, pp. 313-335

Persistent link: https://www.econbiz.de/10011526324

The impact of monetary policy on unemployment hysteresis

Stockhammer, Engelbert; Sturn, Simon - 2008 - Version 2.0

Dieser Aufsatz untersucht die Hypothese, dass der Grad an Arbeitsmarkthysterese in Folge einer Rezession von der Reaktion der Geldpolitik abhängt. Der Hysteresegrad wird in der empirischen Untersuchung durch die geldpolitische Reaktion und Standardvariablen für Arbeitsmarktinstitutionen in...

Persistent link: https://www.econbiz.de/10003772351

New Keynesian Phillips Curve for Romania

Saman, Corina; Pauna, Bianca - In: Journal for Economic Forecasting (2013) 2, pp. 159-171

The paper aims to estimate the New Keynesian Phillips curve in the case of Romanian economy. The empirical model estimates simultaneously the potential output and the output gap; the natural rate of unemployment and the cyclical unemployment as an Okun Law type relationship; and the New Phillips...

Persistent link: https://www.econbiz.de/10010678162

Rethinking macroeconomic theory before the next crisis

Lavoie, Marc - In: Review of Keynesian economics 6 (2018) 1, pp. 1-21

Persistent link: https://www.econbiz.de/10011868120

Revisions of potential output estimates in the EU after the Great Recession

Dovern, Jonas; Zuber, Christopher - 2019

Using European Commission real-time data, we show that potential output (PO) estimates were substantially and persistently revised downwards after the Great Recession. We decompose PO revisions into revisions of the capital stock, trend labor, and trend total-factor productivity (TFP)....

Persistent link: https://www.econbiz.de/10012052787