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Lewis, Vivien - 2012

This paper characterises optimal monetary policy in an economy with endogenous firm entry, a cash-in-advance constraint and preset wages. Firms must make profits to cover entry costs; thus the markup on goods prices is efficient. However, because leisure is not priced at a markup, the...

Persistent link: https://www.econbiz.de/10010391306

Seigniorage Channel and Monetary Effectiveness in Flexible Price Economy

Huang, Guangming - 2022

, nonneutrality of growth rate of money and inflation, origin of the money market interest rate, choosing of reactive monetary policy …

Persistent link: https://www.econbiz.de/10014077456

Economic cycles in the United States and in the euro area : determinants, scale and linkages

Wouters, R. - In: Economic Review (2004) III, pp. 59-82

, shocks affecting the labour supply and productivity are the driving forces. As to the inflation developments, especially … temporary mark-up shocks prevail in the short term, although in the long term inflation is primarily a monetary phenomenon and … is being guided by the inflation target of the central bank. The limited effect of monetary shocks on the real economy …

Persistent link: https://www.econbiz.de/10009367074

Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach

Smets, Frank; Wouters, Raf - 2004

This paper estimates a DSGE model with many types of shocks and frictions for both the US and the euro area economy over a common sample period (1974-2002). The structural estimation methodology allows us to investigate whether differences in business cycle behaviour are due to differences in...

Persistent link: https://www.econbiz.de/10011604437

The Chicago Fed DSGE model: Version 2

Campbell, Jeffrey R.; Ferroni, Filippo; Fisher, Jonas D. M. - 2023

wage inflation, the data are measured in a model consistent way, and market-expected interest rates are used to measure the …

Persistent link: https://www.econbiz.de/10014480569

Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach

Smets, Frank; Wouters, Raf - Nationale Bank van België/Banque national de Belqique (BNB) - 2004

Persistent link: https://www.econbiz.de/10005031943

Understanding the Great Recession : Some Fundamental Keynesian and Post-Keynesian Insights, with an Analysis of Possible Mechanisms to Achieve a Sustained Recovery

Seccareccia, Mario - 2017

Fears of deflation and long-term stagnation have become more commonplace since the Great Recession. Yet, within the mainstream, economists are divided into two camps: those who see the benefits of downward wage and price adjustment, as a private sector stabilizer, and those who fear deflationary...

Persistent link: https://www.econbiz.de/10012969983

Chapter 5. Imperfect Information and Aggregate Supply

Mankiw, N. Gregory; Reis, Ricardo - In: Handbook of monetary economics : volume 3, (pp. 183-229). 2010

This paper surveys the research in the past decade on imperfect information models of aggregate supply and the Phillips curve. This new work has emphasized that information is dispersed and disseminates slowly across a population of agents who strategically interact in their use of information....

Persistent link: https://www.econbiz.de/10014025675

Monetary policy and endogenous financial crises

Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2022

inflation and output. Our main findings are threefold. First, monetary policy affects the probability of a crisis both in the … reduce the probability of a crisis and increase welfare by departing from strict inflation targeting and responding …

Persistent link: https://www.econbiz.de/10013259617

Monetary Policy and Endogenous Financial Crises

Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2022

Persistent link: https://www.econbiz.de/10013492381