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Macroeconomic Modeling for Monetary Policy Evaluation

Galí, Jordi - 2007

We describe some of the main features of the recent vintage macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier generation of macro models, and highlight the insights for policy that these new frameworks have to offer. Our...

Persistent link: https://www.econbiz.de/10012465104

What Happened : Financial Factors in the Great Recession

Gertler, Mark - 2018

Since the onset of the Great Recession, an explosion of both theoretical and empirical research has investigated how the financial crisis emerged and how it was transmitted to the real sector. The goal of this paper is to describe what we have learned from this new research and how it can be...

Persistent link: https://www.econbiz.de/10012452974

Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises

Gertler, Mark - 2016

There has been considerable progress in developing macroeconomic models of banking crises. However, most of this literature focuses on the retail sector where banks obtain deposits from households. In fact, the recent financial crisis that triggered the Great Recession featured a disruption of...

Persistent link: https://www.econbiz.de/10012456780

Government Debt and Social Security in a Life-Cycle Economy

Gertler, Mark - 1997

This paper develops a tractable overlapping generations model that is useful for analyzing both the short and long run impact of fiscal policy and social security. It modifies the Blanchard (1985)/Weil (1987) framework to allow for life/cycle behavior. This is accomplished by introducing random...

Persistent link: https://www.econbiz.de/10012472818

Optimal Monetary Policy in Closed versus Open Economies : An Integrated Approach

Clarida, Richard - 2001

This paper develops a new open economy macro model of optimal monetary for a small open economy. Our main result is that in this model, the optimal policy problem for the small open economy is isomorphic to the closed economy case studied in Clarida, Gali, Gertler (1999). In particular, the...

Persistent link: https://www.econbiz.de/10012470112

Monetary Policy and Asset Price Volatility

Bernanke, Ben - 2000

We explore the implications of asset price volatility for the management of monetary policy. We show that it is desirable for central banks to focus on underlying inflationary pressures. Asset prices become relevant only to the extent they may signal potential inflationary or deflationary...

Persistent link: https://www.econbiz.de/10012471216

The Science of Monetary Policy : A New Keynesian Perspective

Clarida, Richard - 1999

This paper reviews the recent literature on monetary policy rules. We exploit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy...

Persistent link: https://www.econbiz.de/10012471647

The Financial Accelerator in a Quantitative Business Cycle Framework

Bernanke, Ben - 1998

frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the … the model that are designed to enhance the empirical relevance. First, we incorporate money and price stickiness, which … lags in investment which enables the model to generate both hump-shaped output dynamics and a lead-lag relation between …

Persistent link: https://www.econbiz.de/10012472350

Monetary Policy Rules and Macroeconomic Stability : Evidence and Some Theory

Clarida, Richard - 1998

-fulfilling fluctuations in inflation and output. In contrast, the Volcker-Greenspan rule is stabilizing …

Persistent link: https://www.econbiz.de/10012472363

External Constraints on Monetary Policy and the Financial Accelerator

Gertler, Mark - 2003

lending rates and the large drop in output, investment and productivity during the 1997-1998 episode. We then perform some …

Persistent link: https://www.econbiz.de/10012468566