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Gaspar, Vitor; Smets, Frank - Society for Computational Economics - SCE - 2005

The paper studies the conduct of monetary policy, in a simple new Keynesian model, with adaptive learning on the part … central bank has full information about the structure of the economy, including the adaptive learning mechanism. It takes the …, where we assume that the incumbent policymaker did not take the learning into account and allowed the expectation formation …

Persistent link: https://www.econbiz.de/10005706285

Monetary Policy, Fiscal Policy and Automatic Stabilizers: Welfare and Macroeconomic Stability

Marzo, Massimiliano; Lubik, Thomas A. - Society for Computational Economics - SCE - 2004

This paper analyzes the specific role of fiscal policy on the welfare effects of macroeconomic stabilization policies. We extend current DSGE models à la Schmitt-Grohè and Uribe (2003) to a non-tandard fiscal policy framework. We focus on distortionary and progressive taxation which alters the...

Persistent link: https://www.econbiz.de/10005706506

Habit Persistence in Consumption in a Sticky Price Model of the Business Cycle

Gail, Michael - Society for Computational Economics - SCE - 2004

This paper examines the role of habit persistence in consumption in explaining persistent responses of inflation and output to money growth shocks. A MIU-model with a separable utility function is embedded into a stochastic DGE model with sticky prices. It is shown that for a high degree of...

Persistent link: https://www.econbiz.de/10005706516

Optimal Monetary Policy When Interest Rates are Bounded at Zero

Kato, R.; Nishiyama, S. - Society for Computational Economics - SCE - 2002

Persistent link: https://www.econbiz.de/10005706585

Monetary Policy Credibility and the Unemployment-Inflation Tradeoff: Some Evidence from Seventeen OECD Countries

Laxton, Douglas; Papa N’Diaye - Society for Computational Economics - SCE - 2002

Persistent link: https://www.econbiz.de/10005706634

How Well Do Alternative Time-Varying Parameter Models of the NAIRU Help Policymakers Forecast Unemployment and Inflation in the OECD Countries?

Boone, Laurence; Juillard, Michel; Laxton, Doug; … - Society for Computational Economics - SCE - 2002

Persistent link: https://www.econbiz.de/10005706636

New economy : new policy rules?

Schaling, Eric; Bullard, James - Society for Computational Economics - SCE - 2001

We wish to understand the implications of recent shifts in US productivity for the structure of optimal monetary policy rules. Accordingly, we augment a standard inflation targeting model in which a forward-looking version of the Taylor rule constitutes the optimal monetary policy with regime...

Persistent link: https://www.econbiz.de/10005706735

The Effects of Dollarization on Macroeconomic Stability

Erceg, Christopher J.; Levin, Andrew T. - Society for Computational Economics - SCE - 2001

Recently, several countries have been considered the relative merits of "dollarization", that is, adopting the currency of an anchor country. One of the main potential costs of dollarization is that macroeconomic stability may be reduced by the loss of monetary policy autonomy. In this paper, we...

Persistent link: https://www.econbiz.de/10005706757

Indeterminacy and interest rate rules: The role of fiscal policy

Heinemann, Maik - Society for Computational Economics - SCE - 2003

Persistent link: https://www.econbiz.de/10005706795

Parameter Uncertainty and the Central Bank's Objective Function

Williams, John C.; Levin, Andrew T. - Society for Computational Economics - SCE - 2003

Persistent link: https://www.econbiz.de/10005706797