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hysteresis in potential output in a New-Keynesian model that is extended with endogenous potential output. To do so, a number of … simulations of relevant scenarios is undertaken. It is demonstrated that extending the New-Keynesian model with hysteresis has a …
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I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal interest rates may occasionally hit the zero lower bound. The benevolent policymaker controls the short-term nominal interest rate and the level of government spending. Under discretionary policy,...
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variety of instruments to influence inflation and output, including fiscal policy, bailouts and exchange rates. Solving the … correlation among output shocks. Our results suggest that governments do lean against inflation shocks, but not output shocks …
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