Similar Search Results

Reconciling The Effects of Monetary Policy Actions on Consumption Within A Heterogeneous Agent Framework

Ahmad, Yamin - Society for Computational Economics - SCE - 2005

introduced into NNS models to try and reconcile the movements in interest rates, consumption and inflation. The key findings here … are that heterogeneity and wage inertia are needed to help reconcile these observations. Aggregate consumption and its … wages one periods in advance. When myopic households set wages in the current period, aggregate consumption and its expected …

Persistent link: https://www.econbiz.de/10005345080

Monetary Concequences of Alternative Fiscal Policy Rules

Railavo, Jukka - Society for Computational Economics - SCE - 2005

In this paper we analyse the monetary impact of alternative fiscal policy rules using the debt and deficit, both mentioned as measures of fiscal policy performance in the Stability and Growth Pact (SGP). We use a New Keynesian model, with distortionary taxation and an appropriately defined...

Persistent link: https://www.econbiz.de/10005345042

Investment-Specific and Multifactor Productivity in Multi-Sector Open Economies:Data and Analysis

Guerrieri, Luca; Henderson, Dale - Society for Computational Economics - SCE - 2005

In the last half of the 1990s, labor productivity growth rose in the U.S. and fell almost everywhere in Europe. We document changes in both capital deepening and multifactor productivity (MFP) growth in both the information and communication technology (ICT) and non-ICT sectors. We view MFP...

Persistent link: https://www.econbiz.de/10005345090

Financial Frictions, Distribution Costs, and Current Account Crises

Leduc, Sylvain; Valderrama, Diego - Society for Computational Economics - SCE - 2005

Current account crises in emerging markets are characterized by large increases in interest rates, big drops in output, and large real currency depreciations. Current models of crisis with financial frictions do not generate very large movements in these variables. Recent work has shown that the...

Persistent link: https://www.econbiz.de/10005342997

Portfolio Flows, Foreign Direct Investment, Crises

Uctum, Merih; Uctum, Remzi - Society for Computational Economics - SCE - 2005

The goal of the paper is to analyze how financial and economic crises affect the relation between capital flows and their determinants. We develop a model of foreign portfolio investment (FPI) and foreign direct investment (FDI), and apply it to Turkey using an endogenous break analysis and...

Persistent link: https://www.econbiz.de/10005343001

Expansionary Fiscal Shocks and the Trade Deficit

Erceg, Christopher; Guerrieri, Luca - Society for Computational Economics - SCE - 2005

consumption, and a reduction in the labor income tax rate. Our salient finding is that a fiscal deficit has a relatively small …

Persistent link: https://www.econbiz.de/10005343022

Finding an Example of an Optimising Agent with Cyclical Behaviour

Stemp, Peter J. - Society for Computational Economics - SCE - 2005

Most recent studies of dynamic macroeconomic relationships focus on models derived from optimising behaviour by economic agents. In most of these models, the eigenvalues of the associated dynamical system are real-valued and so the time-path of the system exhibits monotonic or near-monotonic...

Persistent link: https://www.econbiz.de/10005537488

Credit Market Development, Asset Prices and Business Cycle

Mendicino, Caterina - Society for Computational Economics - SCE - 2005

This paper studies the role of credit market development in an economy with credit frictions. I examine how the provision of credit in connection with collateral assets affects economic performance and the business cycle. In the framework of an economy in which credit constraints arise because...

Persistent link: https://www.econbiz.de/10005537505

Portfolio Choice and Permanent Income

Zin, Stanley; Tallarini, Thomas - Society for Computational Economics - SCE - 2005

starting point. We use perturbation methods around this analytical solution to derive decision rules for consumption and …

Persistent link: https://www.econbiz.de/10005132666

Housing Wealth and Mortgage Contracts

Nichols, Joseph B. - Society for Computational Economics - SCE - 2005

) housing's dual role as a consumption and investment good; (2) the significance of the mortgage contract being in nominal and … of consumption demand but also can be driven by the benefits inherent in the mortgage contract. It also shows that the …

Persistent link: https://www.econbiz.de/10005132695