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Estimated general equilibrium models for the evaluation of monetary policy in the US and Europe
Leith, Campbell B.; Malley, James R. - 2002
A persistent criticism of general equilibrium models of monetary policy which incorporate nominal inertia in the form of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In this paper we derive a general equilibrium model based on...
Persistent link: https://www.econbiz.de/10011409738
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Estimated General Equilibrium Models for the Evaluation of Monetary Policy in the Us and Europe
Leith, Campbell B.; Malley, James R. - 2021
A persistent criticism of general equilibrium models of monetary policy which incorporate nominal inertia in the form of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In this paper we derive a general equilibrium model based on...
Persistent link: https://www.econbiz.de/10013320548
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The Persistence of Investment Inefficiencies : The Dynamics of Default and Endogenous Leverage
Papamichalis, Theofanis; Tsomocos, Dimitrios P.; … - 2021
and suppresses investment, thus resulting into constrained inefficient equilibria. Finally, we show how, in the presence …
Persistent link: https://www.econbiz.de/10013323379
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Monetary and exchange rate policy in Fiji
Dulare, Chandra P. - 2005
Persistent link: https://www.econbiz.de/10003451824
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Asset Price Booms and Monetary Policy
Detken, Carsten; Smets, Frank - 2021
real estate prices and investment crash in the post-boom periods. In general it is difficult to distinguish a high …
Persistent link: https://www.econbiz.de/10013319333
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Fiscal Expansion, Monetary Policy, Interest Rate Risk Premia, and Wage Reactions
Hall, Viv - 2010
We examine the macroeconomic implications of fiscal policy in a small open economy, with emphasis on the interactions between fiscal, monetary and labour market policies. The paper uses the NBNZ-DEMONZ macroeconometric model. Novel features of the model are that it includes an endogenous...
Persistent link: https://www.econbiz.de/10013149036
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Which Monetary Shocks Matter in Small Open Economies? Evidence from Canada
Ha, Jongrim - 2020
W e investigate the monetary policy transmission in a representative small open economy Canada over 2000 2017. By using a novel set of external instruments for monetary policy shocks we identify the impacts of domestic (Canada) and foreign (United States) monetary shocks on financial and...
Persistent link: https://www.econbiz.de/10012838783
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Managed Floating : Understanding the New International Monetary Order
Bofinger, Peter; Wollmershäuser, Timo - 2001
Although there seems to be a broad consensus among economists that purely floating or completely fixed exchange rates (the so-called corner solutions) are the only viable alternatives of exchange rate management, many countries do not behave according to this paradigm and adopt a strategy within...
Persistent link: https://www.econbiz.de/10014129040
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Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the euro area
Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability …. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank … impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate …
Persistent link: https://www.econbiz.de/10012151693
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Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the euro area
Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability …. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank … impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate …
Persistent link: https://www.econbiz.de/10012034406