Showing 1 - 10 of 4,794
This paper studies the macroeconomic implications of oil price shocks and the extant fuel subsidy regime for Nigeria. To do this, we develop and estimate a New-Keynesian DSGE model that accounts for pass-through effect of international oil price into the retail price of fuel. Our results show...
Persistent link: https://www.econbiz.de/10015231603
This paper studies how the effects of monetary and fiscal policy vary depending on the business cycle phase. It shows that in a medium-scale DSGE model, estimated on US data, monetary policy has a stronger impact on the economy in downturns and booms. Labor and capital income taxes display...
Persistent link: https://www.econbiz.de/10015257996
Real interest and inflation rates have been very low in many industrialized countries since the Great Recession. In this paper, a mechanism of low and floating real interest and inflation rates is examined based on the concept a “Nash equilibrium of a Pareto inefficient path” and the law of...
Persistent link: https://www.econbiz.de/10015259162
Real interest and inflation rates have been very low in many industrialized countries since the Great Recession. In this paper, a mechanism of low and floating real interest and inflation rates is examined based on the concept a “Nash equilibrium of a Pareto inefficient path” and the law of...
Persistent link: https://www.econbiz.de/10015262837
This paper sets up a small open economy general equilibrium model operating in a monetary union. Exogenous oil-price shocks affecting the modelled economy are alleviated by introducing a pro-cyclical excise duty tax rule on oil prices. The paper provides a model-based theoretical background for...
Persistent link: https://www.econbiz.de/10015255783
This paper proves in a New Keynesian model that interest rate pegging can explain the unusual business cycle fluctuations in China. It is traditional wisdom that when the nominal interest rate is inflexible, there is no unique equilibrium in macroeconomic models. We prove that a unique...
Persistent link: https://www.econbiz.de/10015212386
Pushing for a higher and a more robust growth while maintaining price stability within a target range of inflation continue to be core tasks for the macroeconomic policy management in Indonesia in recent years. Whilst inflation was successfully kept below the target of 7 percent at the end of...
Persistent link: https://www.econbiz.de/10015219163
Aggregate inflation measures such as the Consumer Price Index seek to capture the impact on households consumption possibilities of changes in prices over time and are generally assumed as representative of all consumers. This is only true if households have all the same consumption patterns....
Persistent link: https://www.econbiz.de/10015231601
The article describes a dynamic general equilibrium for the Republic of Moldova, in the context of declining oil prices and COVID-19. We try to introduce an intergenerational model with the stochastic component, where we describe each self-employed agent, rather we try to adapt the model in a...
Persistent link: https://www.econbiz.de/10015256846
The article describes a dynamic general equilibrium for the Republic of Moldova, in the context of declining oil prices and COVID-19. We try to introduce an intergenerational model with the stochastic component, where we describe each self-employed agent, rather we try to adapt the model in a...
Persistent link: https://www.econbiz.de/10015256847