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Great recession, slow recovery and muted fiscal policies in the US

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...

Persistent link: https://www.econbiz.de/10011434680

In search of the Euro area fiscal stance

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

the assumption of non-separability between public and private consumption, obtain a large public consumption multiplier, a …

Persistent link: https://www.econbiz.de/10011529025

In Search of the Euro Area Fiscal Stance

Albonico, Alice - 2016

focus on fiscal policies. We estimate large multipliers for public consumption and transfers. In spite of this, fiscal …

Persistent link: https://www.econbiz.de/10013000151

Limited Asset Market Participation and the Euro Area Crisis. An Empirical DSGE Model

Albonico, Alice - 2018

consumption correlation with output. In the LAMP model this role is played by the investment-specific shock, because Non …-Ricardian households introduce a Keynesian multiplier effect and raise the correlation between consumption and investments. We also detect … contractionary role of monetary policy shocks during the post-2007 years. In this period consumption of Non-Ricardian households fell …

Persistent link: https://www.econbiz.de/10012907972

Estimating a DSGE Model with Limited Asset Market Participation for the Euro Area

Albonico, Alice - 2014

We estimate a medium scale DSGE model for the Euro Area to gain intuition on the importance of Limited Asset Market Participation (LAMP). Our results suggest that LAMP is sizeable (39% of households over the 1993-2012 sample) and important to understand EMU business cycle, especially, in the...

Persistent link: https://www.econbiz.de/10013043919

Debunking the Myth of Southern Profligacy. A DSGE Analysis of Business Cycles in the EMU's Big Four

Albonico, Alice - 2018

We investigate the drivers of EMU big fours' business cycles in a DSGE model. Our approach allows to disentangle the role of demand and technology shocks, where the latter may generate permanent consequences on national productivity levels. For the years before the financial crisis we cannot...

Persistent link: https://www.econbiz.de/10012932223

Estimating a DSGE model with Limited Asset Market Participation for the Euro Area

Albonico, Alice; Paccagnini, Alessia; Tirelli, Patrizio - Dipartimento di Economia, Metodi Quantitativi e … - 2014

Persistent link: https://www.econbiz.de/10010970531

PIIGS in the Euro Area. An Empirical DSGE Model

Albonico, Alice - 2016

We build up and estimate a two-region DSGE model of the Euro area, investigating the interactions between the peripheral countries (PIIGS) and the rest of EMU. Our main focus is on the 2008-2009 financial crisis and on the subsequent 2010-sovereign bond crisis. One striking result is that the...

Persistent link: https://www.econbiz.de/10012996987

MEDSEA-FIN : an estimated DSGE model with housing and financial frictions for Malta

Gatt, William - 2022

This paper uses Bayesian techniques and Maltese data over the period 2001-2019 to estimate the parameters of MEDSEA-FIN, one of the Central Bank of Malta's DSGE models. The model captures linkages between the housing sector, banks and the rest of the economy via a borrowing collateral...

Persistent link: https://www.econbiz.de/10013382147

Gastos com bens duráveis no ciclo da vida das famílias Brasileiras

da Silveira, Marcos Antonio Coutinho - 2014

families prefer to buy at an early stage of the cycle all the desired stock of durable goods, in order to smooth consumption of …

Persistent link: https://www.econbiz.de/10011372137