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Existence and uniqueness of solutions to dynamic models with occasionally binding constraints
Holden, Tom D. - 2019
constraints (OBCs) such as the zero lower bound (ZLB), this requires understanding the determinacy of models with OBCs. To this … end, we derive existence and uniqueness conditions for otherwise linear models with OBCs. Our main result gives necessary …-foresight paths eventually escaping the ZLB, price level targeting restores determinacy. …
Persistent link: https://www.econbiz.de/10012107577
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Existence and uniqueness of solutions to dynamic models with occasionally binding constraints.
Holden, Tom D. - 2016 - This version: 28 March 2016
conditions on the existence of a solution in such models. These results give determinacy conditions for models with occasionally … determinacy in the presence of the zero lower bound. However, we show that price level targeting does restore determinacy in these …
Persistent link: https://www.econbiz.de/10011452241
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Existence and uniqueness of solutions to dynamic models with occasionally binding constraints.
Holden, Tom D. - 2017 - This version: 23 August 2017
results on the existence of a solution in the presence of such terminal conditions. These results give determinacy conditions … render the Taylor principle sufficient for determinacy in the presence of the zero lower bound. However, we show that price … level targeting does restore determinacy providing agents believe that inflation will eventually be positive. …
Persistent link: https://www.econbiz.de/10011717372
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Computation of solutions to dynamic models with occasionally binding constraints.
Holden, Tom D. - 2016 - This version: 3 April 2016
We construct the first algorithm for the perfect foresight solution of otherwise linear models with occasionally binding constraints, with fixed terminal conditions, that is guaranteed to return a solution in finite time, if one exists. We also provide a proof of the inescapability of the "curse...
Persistent link: https://www.econbiz.de/10011452243
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Existence and uniqueness of solutions to dynamic models with occasionally binding constraints
Holden, Tom D. - 2022
belief-driven recessions. To aid in finding policies that avoid this, we derive existence and uniqueness conditions for …. We also derive equilibrium existence conditions under rational expectations for arbitrary non-linear models. …
Persistent link: https://www.econbiz.de/10013168551
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Existence, uniqueness and computation of solutions to dynamic models with occasionally binding constraints
Holden, Tom D. - 2016 - This version: 09 February 2016
We present the first necessary and sufficient conditions for the existence of a unique perfect-foresight solution … conditions on the existence of a solution in such models, and provide a proof of the inescapability of the "curse of …. However, we show that price level targeting is sufficient to restore determinacy in these situations. …
Persistent link: https://www.econbiz.de/10011427963
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Existence, uniqueness and computation of solutions to dynamic models with occasionally binding constraints
Holden, Tom D. - 2016
We present the first necessary and sufficient conditions for the existence of a unique perfect-foresight solution … conditions on the existence of a solution in such models, and provide a proof of the inescapability of the “curse of …. However, we show that price level targeting is sufficient to restore determinacy in these situations. …
Persistent link: https://www.econbiz.de/10011422742
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Existence and uniqueness of solutions to dynamic models with occasionally binding constraints
Holden, Tom D. - 2019
constraints (OBCs) such as the zero lower bound (ZLB), this requires understanding the determinacy of models with OBCs. To this … end, we derive existence and uniqueness conditions for otherwise linear models with OBCs. Our main result gives necessary …-foresight paths eventually escaping the ZLB, price level targeting restores determinacy. …
Persistent link: https://www.econbiz.de/10012103173
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Existence and uniqueness of solutions to dynamic models with occasionally binding constraints.
Holden, Tom D. - 2016 - This version: 30 July 2016
conditions on the existence of a solution in such models. These results give determinacy conditions for models with occasionally … determinacy in the presence of the zero lower bound. However, we show that price level targeting does restore determinacy in these …
Persistent link: https://www.econbiz.de/10011518459
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Financial Shocks, Financial Frictions and Financial Intermediaries in DSGE Models : Comments on the Recent Literature
Arend, Mario - 2010
The aim of this work is to compare and contrast different ways of modeling financial shocks and financial intermediaries in the Dynamic Stochastic General Equilibrium models (DSGE models) and to discuss the empirical evidence on the importance of modeling financial sector and financial shocks in...
Persistent link: https://www.econbiz.de/10013142856