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Heterogeneous expectations, indeterminacy, and postwar US business cycles
Ilabaca, Francisco; Milani, Fabio - 2020
postwar US macroeconomic data can be explained as the outcome of passive monetary policy, indeterminacy, and sunspot … windows and allowing the parameters to fall both in the determinacy and indeterminacy regions. The estimates reveal large … the sample. The results confirm that macroeconomic data in the early windows are better explained by indeterminacy, while …
Persistent link: https://www.econbiz.de/10012200338
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Heterogeneous expectations, indeterminacy, and postwar US business cycles
Ilabaca, Francisco; Milani, Fabio - In: Journal of macroeconomics 68 (2021), pp. 1-16
Persistent link: https://www.econbiz.de/10012630988
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Bounded Rationality, Monetary Policy, and Macroeconomic Stability
Ilabaca, Francisco; Meggiorini, Greta; Milani, Fabio - 2019
both determinacy and indeterminacy. The empirical results show that determinacy is preferred both before and after 1979 … rationality that we estimate prevent the economy from falling into indeterminacy. …
Persistent link: https://www.econbiz.de/10012052812
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Bounded rationality, monetary policy, and macroeconomic stability
Ilabaca, Francisco; Meggiorini, Greta; Milani, Fabio - 2019
both determinacy and indeterminacy. The empirical results show that determinacy is preferred both before and after 1979 … rationality that we estimate prevent the economy from falling into indeterminacy. …
Persistent link: https://www.econbiz.de/10012029136
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Heterogeneous Expectations, Indeterminacy, and Postwar US Business Cycles
Ilabaca, Francisco - 2020
postwar US macroeconomic data can be explained as the outcome of passive monetary policy, indeterminacy, and sunspot … windows and allowing the parameters to fall both in the determinacy and indeterminacy regions. The estimates reveal large … the sample. The results confirm that macroeconomic data in the early windows are better explained by indeterminacy, while …
Persistent link: https://www.econbiz.de/10012836715
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Behavioral New Keynesian Models: Learning vs. Cognitive Discounting
Meggiorini, Greta; Milani, Fabio - 2021
This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...
Persistent link: https://www.econbiz.de/10012582102
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Bounded Rationality, Monetary Policy, and Macroeconomic Stability
Ilabaca, Francisco - 2019
for both determinacy and indeterminacy. The empirical results show that determinacy is preferred both before and after … rationality that we estimate prevent the economy from falling into indeterminacy …
Persistent link: https://www.econbiz.de/10012866811
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Behavioral New Keynesian models : learning vs. cognitive discounting
Meggiorini, Greta; Milani, Fabio - 2021
This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...
Persistent link: https://www.econbiz.de/10012509319
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Behavioral New Keynesian Models : Learning vs. Cognitive Discounting
Meggiorini, Greta; Milani, Fabio - 2021
This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...
Persistent link: https://www.econbiz.de/10013229788
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Interest rate rules under financial dominance
Lewis, Vivien; Roth, Markus - 2018
We study the equilibrium properties of a business cycle model with financial frictions and price adjustment costs. Capital-constrained entrepreneurs finance risky projects by borrowing from banks. Banks, in turn, make loans using equity and deposits. Because financial contracts are not...
Persistent link: https://www.econbiz.de/10011902076