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How should news shocks be specified under rational expectations?

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - 2017

A number of studies have found that news shocks account for a large part of the aggregate fl uctuations of the main macroeconomic variables.We show that when taking rational expectations into consideration there is a limit on the size of the variance of the news shocks,which has not been...

Persistent link: https://www.econbiz.de/10011758913

Fixing the Fed

Whalen, Richard Christopher - 2016

This paper reviews recent developments in US monetary policy and then discusses some possible reforms that might be considered to modify the behavior of the Federal Reserve System. Since its creation a century ago, the Federal Reserve System has grown from a narrowly defined central bank...

Persistent link: https://www.econbiz.de/10012995351

A Global Equilibrium Model of Sudden Stops and External Liquidity Management

Caballero, Ricardo J.; Panageas, Stavros - 2008

Emerging market economies, which have much of their growth ahead of them, either run or should run persistent current account deficits in order to smooth consumption intertemporally. The counterpart of these deficits is their dependence on capital inflows, which can suddenly stop. We make two...

Persistent link: https://www.econbiz.de/10014219484

Chapter 7. DSGE Models for Monetary Policy Analysis

Christiano, Lawrence J.; Trabandt, Mathias; Walentin, Karl - In: Handbook of monetary economics : volume 3, (pp. 285-367). 2010

Monetary DSGE models are widely used because they fit the data well and they can be used to address important monetary policy questions. We provide a selective review of these developments. Policy analysis with DSGE models requires using data to assign numerical values to model parameters. The...

Persistent link: https://www.econbiz.de/10014025673

The Chicago Fed DSGE model : version 2

Campbell, Jeffrey R.; Ferroni, Filippo; Fisher, Jonas D. M. - 2023

wage inflation, the data are measured in a model consistent way, and market-expected interest rates are used to measure the …

Persistent link: https://www.econbiz.de/10014369357

A Quantitative Model of Sudden Stops and External Liquidity Management

Caballero, Ricardo J.; Panageas, Stavros - 2005

-emerging-market-specific) assets that are correlated to sudden stops. We show an example of such an asset based on the S&P 500's implied volatility …

Persistent link: https://www.econbiz.de/10014065667

The New Neoclassical Synthesis and the Monetary Policy

Pizzutto, Giorgio - 2005

. Moreover the model supposes an endogenous monetary rule linking nominal rate of interest to inflation and output targets. In …

Persistent link: https://www.econbiz.de/10014067108

Monetary policy, credit constraints and SME employment

Champagne, Julien; Gouin-Bonenfant, Émilien - 2022 - Last updated: December 9, 2022

Do financial constraints amplify or dampen the transmission of monetary policy to the real economy? To answer this question, we propose a simple empirical strategy that combines (i) firm-level employment and balance sheet data, (ii) identified monetary policy shocks and (iii) survey data on...

Persistent link: https://www.econbiz.de/10013466140

Global supply chain pressures, international trade, and inflation

Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - 2022

We study the impact of the COVID-19 pandemic on euro area inflation and how it compares to the experiences of other …-output linkages, affecting both trade and inflation; (2) inflation can be higher under sector-specific labor shortages relative to a … domestic aggregate demand shocks in explaining euro area inflation over 2020-21; and (4) international trade did not respond to …

Persistent link: https://www.econbiz.de/10013277488

Pandemic-era inflation drivers and global spillovers

Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - 2023

We estimate a multi-country, multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020 …-23 in several countries, including the United States. The model matches observed inflation together with sector-level prices … and wages. We further measure the relative importance of different types of shocks on inflation across countries over time …

Persistent link: https://www.econbiz.de/10014440764