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In a standard dynamic stochastic general equilibrium framework, with sticky prices, the cross sectional distribution of output and inflation across a population of firms is studied. The only form of heterogeneity is confined to the probability that the ith changes its prices in response to a...
Persistent link: https://www.econbiz.de/10010271147
, General Equilibrium (DSGE) models based on microfoundations of optimising representative agents with rational expectations. We … argue that the dominance of this particular sort of DSGE and the resistance of some in the profession to alternatives has …
Persistent link: https://www.econbiz.de/10010276280
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10010277123
We re-connect money to in.ation using Goodfriend and McCallum's (2007) model where banks supply loans to cash-in-advance constrained consumers on the basis of the value of collateral provided and the monitoring skills of banks. We show that when shocks to monitoring and collateral dominate those...
Persistent link: https://www.econbiz.de/10010277852
, General Equilibrium (DSGE) models based on micro-foundations of optimising representative agents with rational expectations …. We argue that the dominance of this particular sort of DSGE and the resistance of some in the profession to alternatives …
Persistent link: https://www.econbiz.de/10010278494
konventionelle Sichtweisen über die Inflation zu modellieren. Ich verwende ein DSGE Modell mit klebriger Information und vergleiche … beide Modelle in meinem DSGE Rahmen gleich gut geeignet sind, die konventionellen Sichtweisen zu erklären. Der zweite … to model three conventional views about inflation. We use a fully-fledged DSGE model with sticky information and compare …
Persistent link: https://www.econbiz.de/10009466995
This dissertation presents two essays on Markov-Switching dynamic stochastic general equilibrium models. The first essay is "Perturbation Methods for Markov-Switching Models," which is co-authored with Juan Rubio-Ramirez, Dan Waggoner, and Tao Zha. This essay develops an perturbation-based...
Persistent link: https://www.econbiz.de/10009475390
This dissertation computes the optimal monetary and fiscal policy for small open and emerging economies in an estimated medium-scale model. The model departs from the conventional approach as it encompasses all the major nominal and real rigidities normally found in the literature in a single...
Persistent link: https://www.econbiz.de/10009475440
for longer lasting current account deficits since for these shocks, standard open economy DSGE models can only generate … temporary external deficits. We show that our enhanced DSGE-model - covering both trade and FDI - not only matches well the …
Persistent link: https://www.econbiz.de/10014530296
Equilibrium (DSGE) models in forecasting the Great Financial Crisis (GFC), focusing on the U.S. While existing models have added a … financial sector and real estate sector, they have largely overlooked housing supply. I develop an extended DSGE model that …
Persistent link: https://www.econbiz.de/10014543686