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Monetary Policy in a Small Open Economy Model: A DSGE-VAR Approach for Switzerland

Bäurle, Gregor; Menz, Tobias - 2008

We study the transmission of monetary shocks and monetary policy with a behavioral model, corrected for potential misspecification using the DSGE-VAR framework elaborated by DelNegro and Schorfheide (2004). In particular, we investigate if the central bank should react to movements in the...

Persistent link: https://www.econbiz.de/10011430077

Interest premium and economic growth: the case of CEE

Baksa, Dániel; Kónya, István - 2017

This paper views the growth and convergence process of the four Visegrad economies - the Czech Republic, Hungary, Poland and Slovakia - through the lens of the open economy, stochastic neoclassical growth model. We use a unified framework to understand both the long-run convergence path and...

Persistent link: https://www.econbiz.de/10011944909

Comparing monetary policy rules in a small open economy framework: An empirical analysis using Bayesian techniques

Eschenhof, Sabine - 2009

This paper examines the role of exchange rate changes in the monetary policy for the Euro Area. Moreover, it compares different Taylor-type policy rules with respect to the numerical results as well as the impulse responses to exogenous shocks and the fit of the different data model...

Persistent link: https://www.econbiz.de/10010272252

Monetary policy shocks in a two-sector open economy: an empirical study

Llaudes, Ricardo - 2007

This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame- work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...

Persistent link: https://www.econbiz.de/10011604845

An estimated DSGE model of the Hungarian economy

Jakab, Zoltán M.; Világi, Balázs - 2008

monetary regime over the studied period is explicitly taken into account in the estimation procedure. A real-time adaptive …

Persistent link: https://www.econbiz.de/10010322479

Introducing financial frictions and unemployment into a small open economy model

Christiano, Lawrence J.; Trabandt, Mathias; Walentin, Karl - 2007

the model using Bayesian techniques on Swedish data. Our main results are: i) A financial shock to entrepreneurial wealth … and GDP. ii) The marginal efficiency of investment shock has very limited importance when we match financial market data …. iii) Our model does not need any high frequency wage markup shocks to match the data. Furthermore, the labor supply shock …

Persistent link: https://www.econbiz.de/10010320738

Exchange Rate Regime, Fiscal Foresight and the Effectiveness of Fiscal Policy in a Small Open Economy

Virkola, Tuomo - 2014

This paper studies the effects of discretionary fiscal policy shocks under different exchange rate regimes within a structural vector autoregressive (SVAR) model. We first suggest that by estimating the effects of fiscal policy shocks in two structurally similar small open economies that have...

Persistent link: https://www.econbiz.de/10012037640

Openness, Specialisation and Vulnerability of the Nordic Countries

Kaitila, Ville; Virkola, Tuomo - 2014

In this paper we analyse to what extent the Nordic economies are vulnerable to external shocks. Specifically, we assess the conventional wisdom that the Nordic countries are small open economies that are significantly engaged in international trade, specialised in only few specific industries...

Persistent link: https://www.econbiz.de/10012037641

Real and nominal rigidities in price setting: A bayesian analysis using aggregate data

Yao, Fang - 2009

This paper uses the Bayesian approach to solve and estimate a New Keynesian model augmented by a generalized Phillips curve, in which the shape of the price reset hazards can be identi…ed using aggregate data. My empirical result shows that a constant hazard function is easily rejected by the...

Persistent link: https://www.econbiz.de/10010270713

Technology shocks and aggregate fluctuations in an estimated hybrid RBC model

Malley, Jim; Woitek, Ulrich - 2009

-Chain Monte-Carlo (MCMC) methods. Within this framework we extend Ireland's (2001, 2004) hybrid estimation approach to allow for a …

Persistent link: https://www.econbiz.de/10010264619