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Monetary policy and sunspot fluctuation in the U.S. and the Euro area

Hirose, Yasuo - 2010

Bayesian techniques that allow for both determinacy and indeterminacy of the equilibrium. Our empirical analysis shows that the … enough. We demonstrate that the impulse responses under indeterminacy exhibit different dynamics than those under determinacy …

Persistent link: https://www.econbiz.de/10015228702

Capital Control, Exchange Rate Regime, and Monetary Policy: Indeterminacy and Bifurcation

William, Barnett; Hu, Jingxian - 2017

economies, which have often adopted capital controls. We especially investigate two dynamical characteristics: indeterminacy and … place, we find that indeterminacy depends upon how inflation and output gap coordinate with each other in their feedback to … indeterminacy. Compared with flexible exchange rates, fixed exchange rate regimes produce more complex indeterminacy conditions …

Persistent link: https://www.econbiz.de/10015257503

Bayesian Analysis of DSGE Models with Regime Switching

Eo, Yunjong - 2008

Leeper (2007) is preferred to a determinacy-indeterminacy model motivated by Lubik and Schorfheide (2004). These empirical …

Persistent link: https://www.econbiz.de/10015215980

Bayesian Multivariate Time Series Methods for Empirical Macroeconomics

Koop, Gary; Korobilis, Dimitris - 2009

Macroeconomic practitioners frequently work with multivariate time series models such as VARs, factor augmented VARs as well as time-varying parameter versions of these models (including variants with multivariate stochastic volatility). These models have a large number of parameters and, thus,...

Persistent link: https://www.econbiz.de/10015220073

Bayesian Analysis of DSGE Models with Regime Switching

Eo, Yunjong - 2008

Leeper (2007) is preferred to a determinacy-indeterminacy model motivated by Lubik and Schorfheide (2004). These empirical …

Persistent link: https://www.econbiz.de/10015251497

Hopf bifurcation in the Clarida, Gali, and Gertler model

Barnett, William A.; Eryilmaz, Unal - 2012

We explore bifurcation phenomena in the open-economy New Keynesian model developed by Clarida, Gali and Gertler (2002). We find that the open economy framework can bring about more complex dynamics, along with a wider variety of qualitative behaviors and policy responses. Introducing parameters...

Persistent link: https://www.econbiz.de/10015233339

Monetary Policy and Determinacy: An Inquiry in Open Economy New Keynesian Framework

Barnett, William A.; Eryilmaz, Unal - 2022

We analyze determinacy in the baseline open-economy New Keynesian model developed by Gali and Monacelli (2005). We find that the open economy structure causes multifaceted behaviors in the system creating extra challenges for policy making. The degree of openness significantly affects...

Persistent link: https://www.econbiz.de/10015265666

Action in Economics: Mathematical Derivation of Laws of Economics from the Principle of Least Action in Physics

Kombarov, Sayan - 2021

The thesis of this paper is mathematical formulation of the laws of Economics with application of the principle of Least Action of classical mechanics. This paper is proposed as the rigorous mathematical approach to Economics provided by the fundamental principle of the physical science – the...

Persistent link: https://www.econbiz.de/10015267579

Bifurcation Analysis of an Endogenous Growth Model

Barnett, William; Ghosh, Taniya - 2013

This paper analyzes the dynamics of a variant of Jones (2002) semi-endogenous growth model within the feasible parameter space. We derive the long run growth rate of the economy and do a detailed bifurcation analysis of the equilibrium. We show the existence of codimension-1 bifurcations (Hopf,...

Persistent link: https://www.econbiz.de/10015238885

The behaviour of transitory and potential output over the economic cycle

Mashabela, Juliet; Raputsoane, Leroi - 2018

This paper examines the behaviour of disaggregated output over the economic cycle in South Africa. Aggregate output and output of the economic sectors and industries were decomposed into their transitory and potential components. These components were then examined for comovement. The results of...

Persistent link: https://www.econbiz.de/10015214068