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Dealing with financial instability under a DSGE modeling approach with banking intermediation: A predictability analysis versus TVP-VARs
Bekiros, Stelios; Cardani, Roberta; Paccagnini, Alessia; … - 2016
In the dynamic stochastic general equilibrium (DSGE) literature there has been an increasing aware- ness on the role … that the banking sector can play in macroeconomic activity. We present a DSGE model with financial intermediation as in … crucial in any attempted empirical analysis. Since DSGE modelling usually fails to take into account inherent nonlinearities …
Persistent link: https://www.econbiz.de/10011801276
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Is monetary policy always effective? Incomplete interest rate pass-through in a DSGE model
Binning, Andrew; Bjørnland, Hilde Christiane; Maih, Junior - 2019
We estimate a regime-switching DSGE model with a banking sector to explain incomplete and asymmetric interest rate pass …
Persistent link: https://www.econbiz.de/10012661554
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Financial (in)stability, supervision and liquidity injections: a dynamic general equilibrium approach
de Walque, Gregory; Pierrard, Olivier; Rouabah, Abdelaziz - 2008
This paper develops a dynamic stochastic general equilibrium model with interactions between an heterogeneous banking sector and other private agents. We introduce endogenous default probabilities for both firms and banks, and allow for bank regulation and liquidity injection into the...
Persistent link: https://www.econbiz.de/10011506669
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Market imperfections, wealth inequality, and the distribution of trade gains
Foellmi, Reto; Oechslin, Manuel - 2010
Globalization increasingly involves less-developed countries (LDCs), i.e., economies which usually suffer from severe imperfections in their financial systems. Taking these imperfections seriously, we analyze how credit frictions affect the distributive impact of trade liberalizations. We find...
Persistent link: https://www.econbiz.de/10010316053
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Do household finances constrain unconventional fiscal policy?
Baker, Scott; Küng, Lorenz; McGranahan, Leslie; … - 2018
When the zero lower bound on nominal interest rate binds, monetary policy makers may lack traditional tools to stimulate aggregate demand. We investigate whether "unconventional" fiscal policy, in the form of pre-announced consumption tax changes, has the potential to meaningfully shift durables...
Persistent link: https://www.econbiz.de/10012030359
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The Unemployment Accelerator
Blanco, Julio; Navarro, Gaston - 2016
This paper studies the unemployment accelerator, a mechanism where workers directly affect the firms’ financial conditions, and, in turn, firms’ financial conditions feedback again to the real economy. The unemployment accelerator builds on two key assumptions: search frictions in the labor...
Persistent link: https://www.econbiz.de/10011584947
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Aim, focus, shoot: The choice of appropriate and effective macroprudential instruments
Azzone, Michele; Pirovano, Mara - 2024
identified and the policymakers' objectives using a version of the 3D DSGE model following Mendicino et al. (2020) and …
Persistent link: https://www.econbiz.de/10015199504
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Believe it or not, it's all about beliefs!
Collard, Fabrice; Fève, Patrick; Guay, Alain - 2024
This paper studies the impact of Higher Order Belief shocks, representing shifts in agents' beliefs about others' beliefs, on macroeconomic outcomes. The dynamic causal effects of these shocks are identified by leveraging a combination of a proxy-VAR approach and DSGEbased instruments. Our...
Persistent link: https://www.econbiz.de/10015209740
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The macroeconomic effects of import tariffs in a model with multinational firms and foreign direct investment
Roeger, Werner; Welfens, Paul J. J. - In: International Economics and Economic Policy 19 (2022) 2, pp. 245-266
tariffs in the context of a two-region DSGE model with both an exporting and an FDI sector. We find that the tariff jumping …
Persistent link: https://www.econbiz.de/10015209902
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Iterative refinement of the QZ decomposition for solving linear DSGE models
Huber, Johannes; Meyer-Gohde, Alexander - 2025
The standard approach to solving linear DSGE models is to apply the QZ method. It is a one-shot algorithm that leaves …
Persistent link: https://www.econbiz.de/10015209955