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A structural investigation of quantitative easing

Böhl, Gregor; Goy, Gavin; Strobel, Felix - 2021

Did the Federal Reserve's Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, we estimate a large-scale DSGE model over the sample from 1998 until 2020, including data of the Fed's balance sheet. We allow for QE to affect the...

Persistent link: https://www.econbiz.de/10012426411

A structural investigation of quantitative easing

Böhl, Gregor; Goy, Gavin; Strobel, Felix - 2020

Did the Federal Reserves' Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, the authors estimate a large-scale DSGE model over the sample from 1998 to 2020, including data of the Fed's balance sheet. The authors allow for QE to...

Persistent link: https://www.econbiz.de/10012230143

Search costs, sorting and "property ladder" effects : evidence from the valuation of amenities

Lyons, Ronan - 2012

The housing market is one of the most important markets in any economy, constituting typically both the most important class of consumption good and the most widely held investment asset. The origin of the Great Recession in the U.S. housing market has shown the importance of linkages between...

Persistent link: https://www.econbiz.de/10011515013

Environmental subsidies to mitigate transition risk

Jondeau, Eric; Levieuge, Grégory; Sahuc, Jean-Guillaume; … - 2022

We explore the role of public subsidies in mitigating the transition risk associated with a climate-neutral objective by 2060. We develop and estimate an environmental dynamic stochastic general equilibrium model for the world economy featuring an endogenous market structure for green products....

Persistent link: https://www.econbiz.de/10013202810

Expansionary Fiscal Contractions and Equilibrium Indeterminacy : A Case Study for Germany

Lucke, Bernd - 2005

experiences. This paper formulates a real business cycle model with equilibrium indeterminacy, which allows for sunspot …

Persistent link: https://www.econbiz.de/10014060755

Heterogeneous expectations, indeterminacy, and postwar US business cycles

Ilabaca, Francisco; Milani, Fabio - 2020

postwar US macroeconomic data can be explained as the outcome of passive monetary policy, indeterminacy, and sunspot … windows and allowing the parameters to fall both in the determinacy and indeterminacy regions. The estimates reveal large … the sample. The results confirm that macroeconomic data in the early windows are better explained by indeterminacy, while …

Persistent link: https://www.econbiz.de/10012200338

Estimating nonlinear heterogeneous agents models with neural networks

Kase, Hanno; Melosi, Leonardo; Rottner, Matthias - 2022

Economists typically make simplifying assumptions to make the solution and estimation of their highly complex models feasible. These simplifications include approximating the true nonlinear dynamics of the model, disregarding aggregate uncertainty or assuming that all agents are identical. While...

Persistent link: https://www.econbiz.de/10013257224

Estimating Fiscal Multipliers with Correlated Heterogeneity

Kitsios, Emmanouil - 2017

We estimate the average fiscal multiplier, allowing multipliers to be heterogeneous across countries or over time and correlated with the size of government spending. We demonstrate that this form of nonseparable unobserved heterogeneity is empirically relevant and address it by estimating a...

Persistent link: https://www.econbiz.de/10012950437

Regional consumption responses and the aggregate fiscal multiplier

Dupor, Bill; Karabarbounis, Marios; Kudlyak, Marianna; … - In: The review of economic studies : RES 90 (2023) 6, pp. 2982-3021

Persistent link: https://www.econbiz.de/10014427654

Heterogeneous consumers and fiscal policy shocks

Anderson, Emily; Inoue, Atsushi; Rossi, Barbara - 2015 - Updated version: December 2015

Persistent link: https://www.econbiz.de/10011442247