We use a quantitative model of the U.S. economy to analyze the response of long-term interest rates to monetary policy, and compare the model results with empirical evidence. We find that the strong and time-varying yield curve response to monetary policy innovations found in the data can be...

This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different...

In an article published in the American Economic Review, J?n Steinsson (2008) argues that two sticky price models driven by real shocks can explain the observed persistence, volatility and hump-shaped impulse response function of the real exchange rate. This comment shows, first, that correcting...

Although entrepreneurship has become a buzzword in the public debate, a coherent definition of entrepreneurship has not yet emerged. In this paper, we review and compare the most common theoretical definitions of entrepreneurship in economics and discuss their connection to the various empirical...

This paper challenges the idea that returns to schooling in self-employment are similar to those in wage work by establishing a non-linear relationship with very low returns for most educational levels in self-employment. We conclude that previous log-linear specifications in the self-employment...

This paper specifies how to do policy simulations with alternative instrument-rate paths in DSGE models such as Ramses, the Riksbank’s main model for policy analysis and forecasting. The new element is that these alternative instrument-rate paths are anticipated by the private sector. Such...