Similar Search Results

Fiscal and Monetary Policies in Complex Evolving Economies

Dosi, Giovanni - 2014

In this paper we explore the effects of alternative combinations of fiscal and monetary policies under different income distribution regimes. In particular, we aim at evaluating fiscal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model populated...

Persistent link: https://www.econbiz.de/10013058202

The hockey stick Phillips curve and the effective lower bound

Böhl, Gregor; Lieberknecht, Philipp - 2021

We show that if business cycles are driven by financial shocks, the interplay between the effective lower bound (ELB) and the costs of external financing can generate an additional supply-side channel, which causes a disconnect between inflation and output. In normal times, factor costs dominate...

Persistent link: https://www.econbiz.de/10012792813

Some implications of uncertainty and misperception for monetary policy

Erceg, Christopher J.; Hebden, James; Kiley, Michael T.; … - 2018

When choosing a strategy for monetary policy, policymakers must grapple with mismeasurement of labor market slack, and of the responsiveness of price inflation to that slack. Using stochastic simulations of a small-scale version of the Federal Reserve Boardâ€™s principal New Keynesian...

Persistent link: https://www.econbiz.de/10012016122

Inflation expectation uncertainty in a New Keynesian framework

Fuest, Angela; Schmidt, Torsten - 2020

For monetary policy guiding inflation expectations provides an instrument to achieve price stability. However … inflation expectation uncertainty on inflation, inflation expectations and the output gap by means of a structural VAR with …, without having a distinct effect on the level of expectations. This result is replicable with a model in which uncertainty is …

Persistent link: https://www.econbiz.de/10012308599

Forward-looking behaviour and credibility : some evidence and implications for policy

De Brouwer, Gordon J.; Ellis, Luci - 1998

Persistent link: https://www.econbiz.de/10000982150

Does monetary policy credibility mitigate the effects of uncertainty about exchange rate on uncertainties about both inflation and interest rate?

Montes, Gabriel Caldas; Ferreira, Caio Ferrari - In: International economics and economic policy : IEEP 16 (2019) 4, pp. 649-678

Persistent link: https://www.econbiz.de/10012256787

Central bank credibility and inflation expectations : a microfounded forecasting approach

Issler, João Victor; Soares, Ana Flávia - In: Macroeconomic dynamics 27 (2023) 5, pp. 1268-1288

Persistent link: https://www.econbiz.de/10014306744

Building central bank credibility : the role of forecast performance

McMahon, Michael; Rholes, Ryan - 2023

Persistent link: https://www.econbiz.de/10014435471

Macroeconomic expectations, central bank communication, and background uncertainty : a COVID-19 laboratory experiment

Petersen, Luba; Rholes, Ryan - In: Journal of economic dynamics & control 143 (2022), pp. 1-26

Persistent link: https://www.econbiz.de/10013542998

Social Learning Expectations : Microfoundations and a Dynare Toolbox

Grimaud, Alex; Salle, Isabelle; Vermandel, Gauthier - 2023

Social learning (SL) is a behavioral model in which expectations and the resulting aggregate dynamics stem from the … expectations; (ii) a general solution method that we implement in a Dynare toolbox that solves any linear state-space model with SL … expectations. The resulting framework provides a self-contained tool to contrast policy analysis under SL and rational expectations …

Persistent link: https://www.econbiz.de/10014350624