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Testing for indeterminacy: An application to US monetary policy

Lubik, Thomas A.; Schorfheide, Frank - 2002

This paper considers a prototypical monetary business cycle model for the U.S. economy, in which the equilibrium is undetermined if monetary policy is ‘inactive? In previous multivariate studies it has been common practice to restrict parameter estimates to values for which the equilibrium is...

Persistent link: https://www.econbiz.de/10010293510

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

Government size and business cycle volatility: How important are credit constraints?

Leibrecht, Markus; Scharler, Johann - 2012

In this paper we analyze how the availability of credit influences the relationship between government size as a proxy for fiscal stabilization policy and the amplitude of business cycle fluctuations in a sample of advanced OECD countries. Interpreting relatively low loan-tovalue ratios as an...

Persistent link: https://www.econbiz.de/10010294478

The signaling effects of fiscal announcements

Melosi, Leonardo; Morita, Hiroshi; Zanetti, Francesco - 2022

Fiscal announcements may transfer information about the government's view of the macroeconomic outlook to the private sector, diminishing the effectiveness of fiscal policy as a stabilization tool. We construct a novel dataset that combines daily data on Japanese stock prices with narrative...

Persistent link: https://www.econbiz.de/10013357169

The effects of fiscal policy in an estimated DSGE model : the case of the German stimulus packages during the great recession

Drygalla, Andrej; Holtemöller, Oliver; Kiesel, Konstantin - 2018

In this paper, we analyse the effects of the stimulus packages adopted by the German government during the Great Recession. We employ a standard mediumscale dynamic stochastic general equilibrium (DSGE) model extended by nonoptimising households and a detailed fiscal sector. In particular, the...

Persistent link: https://www.econbiz.de/10011804350

Government size and business cycle volatility : how important are credit constraints?

Leibrecht, Markus; Scharler, Johann - 2012

Persistent link: https://www.econbiz.de/10009571191

Government size and business cycle volatility : how important are credit constraints?

Leibrecht, Markus; Scharler, Johann - 2012

Persistent link: https://www.econbiz.de/10009742088

Great recession, slow recovery and muted fiscal policies in the US

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...

Persistent link: https://www.econbiz.de/10011434680

Fertility, Income Inequality, and Labour Productivity

Guest, Ross - 2010

There is mounting evidence of a complex system of multi-directional links between fertility, productivity and inequality. The contribution of this study is a multi-country analysis of these three variables as a simultaneous system in a VECM framework using annual time series data for the UK,...

Persistent link: https://www.econbiz.de/10012758318

Nonlinear effects of inflation on growth : comment

Burdekin, Richard C. K.; Denzau, Arthur T.; Keil, Manfred W. - 2000

Persistent link: https://www.econbiz.de/10011568878