Showing 1 - 10 of 25
We augment a medium-scale DSGE model with monetary policy news shocks and …t it to US data. Monetary policy news shocks improve the performance of the model both in terms of marginal data density and in terms of its ability to match the empirical moments of the variables used as observables. We...
Persistent link: https://www.econbiz.de/10011162077
This paper quantifies the importance of news shocks for housing market fluctuations. To this purpose, we extend Iacoviello and Neri (2010)'s model of the housing market to include news shocks and estimate it using Bayesian methods and U.S. data. We find that news shocks: (1) account for a...
Persistent link: https://www.econbiz.de/10010761898
The global financial crisis that started in mid-2007 brought back to the monetary policy debate the issue of the zero lower bound on nominal interest rates and the policy options available when this is a binding constraint. Given the significative macroeconomic impact of the crisis it has also...
Persistent link: https://www.econbiz.de/10010775424
We assess the effects of a temporary fiscal devaluation enacted in Spain or Portugal on the trade balance by simulating EAGLE, a large-scale multi-country dynamic general equilibrium model of the euro area. Social contributions paid by firms are reduced by 1 percent of GDP for four years and are...
Persistent link: https://www.econbiz.de/10010948732
We assess the effects on trade balance of a temporary fiscal devaluation enacted by Spain or Portugal by simulating EAGLE, a large-scale multi-country dynamic general equilibrium model of the euro area. Social contributions paid by firms are reduced by 1 percent of GDP for four years and are...
Persistent link: https://www.econbiz.de/10011067236
Persistent link: https://www.econbiz.de/10011228154
Persistent link: https://www.econbiz.de/10010833985
We build structural VARs for the euro area to analyze the responses of a set of euro area macroeconomic variables to monetary policy and technology shocks. We then test their robustness to different specifications of hours worked, sample periods and the definition of the variables used. We...
Persistent link: https://www.econbiz.de/10008524128
Building on the New Area Wide Model, we develop a 4-region macroeconomic model of the euro area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions...
Persistent link: https://www.econbiz.de/10008524162
Taking stock of the recent developments in the New Open Macroeconomics literature, we build a two country Dynamic Stochastic General Equilibrium (DSGE) model of the euro area and the US, with nominal rigidities and imperfect exchange rate passthrough. The model is calibrated using parameters...
Persistent link: https://www.econbiz.de/10008524175