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expectations formation, market clearing, nominal rigidities, etc. Finally, the general-partial equilibrium distinction is analyzed …. -- Cointegrated VAR ; unit root approximation ; economic theory models ; expectations ; hybrid new Keynesian Phillips curve ; general …
Persistent link: https://www.econbiz.de/10003785323
, where imperfect knowledge expectations replace so called rational expectations and where the financial sector plays a key …
Persistent link: https://www.econbiz.de/10012428078
A recent study of 36 sub-Saharan African countries found a positive impact of aid in the absolute majority of these countries. However, for Tanzania and Ghana, two major aid recipients, aid did not seem to have been equally beneficial. This paper singles out these two countries for a more...
Persistent link: https://www.econbiz.de/10010128334
We estimate the macroeconomic effects of import tariffs and trade policy uncertainty in the United States, combining theory-consistent and narrative sign restrictions on Bayesian SVARs. We find mostly adverse consequences of protectionism. Tariff shocks are more important than trade policy...
Persistent link: https://www.econbiz.de/10014468789
of the CVAR are shown to be interpretable in terms of expectations formation, market clearing, nominal rigidities, etc … theory models ; expectations ; general equilibrium ; DSGE models …
Persistent link: https://www.econbiz.de/10003698538
This paper uses a simple New Keynesian monetary DSGE model as a prior for a vector autoregression and shows that the resulting model is competitive with standard benchmarks in terms of forecasting and can be used for policy analysis
Persistent link: https://www.econbiz.de/10014048878
This paper uses a simple New-Keynesian monetary DSGE model as a prior for a VAR, shows that the resulting model is competitive with standard benchmarks in terms of forecasting, and can be used for policy analysis
Persistent link: https://www.econbiz.de/10014112365
Policy analysis with potentially misspecified dynamic stochastic general equilibrium (DSGE) models faces two challenges: estimation of parameters that are relevant for policy trade-offs and treatment of estimated deviations from the cross-equation restrictions. This paper develops and explores...
Persistent link: https://www.econbiz.de/10003781475
This paper proposes a novel method for conducting policy analysis with potentially misspecified dynamic stochastic general equilibrium (DSGE) models and applies it to a New Keynesian DSGE model along the lines of Christiano, Eichenbaum, and Evans (JPE 2005) and Smets and Wouters (JEEA 2003)....
Persistent link: https://www.econbiz.de/10013318606
The recent boom in house prices in many countries during the Covid-19 pandemic and the possibility of household financial distress are of concern among some central banks. We revisit the empirical modelling of house prices and household debt with a policy-oriented perspective using Norwegian...
Persistent link: https://www.econbiz.de/10012800701