Showing 1 - 10 of 363
Persistent link: https://www.econbiz.de/10010314230
This paper uses a structurally estimated macroeconometric model, denoted the MC model, to evaluate inflation targeting in the United States. Various interest rate rules are tried with differing weights on inflation and output, and various optimal control problems are solved using differing...
Persistent link: https://www.econbiz.de/10010295291
The primary aim of the paper is to place current methodological discussions in macroeconometric modeling contrasting the 'theory first' versus the 'data first' perspectives in the context of a broader methodological framework with a view to constructively appraise them. In particular, the paper...
Persistent link: https://www.econbiz.de/10010298629
Zur Konjunkturprognose werden oft auch ökonometrische Modelle eingesetzt. Schärft die Anwendung EDV-gestützter ökonometrischer Verfahren den Blick in die Zukunft oder führt die vermeintliche „Exaktheit" solcher Modelle eher zu einer Verengung des Blickwinkels? Welche Probleme ergeben sich...
Persistent link: https://www.econbiz.de/10010301825
The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the nearby economyapproach introduced by Postlewaite and Schmeidler (Approximate Walrasian Equilibrium...
Persistent link: https://www.econbiz.de/10010308740
In this paper we study the welfare effect of a monopoly innovation. Unlike many partial equilibrium models carried out in previous studies, general equilibrium models are constructed and analyzed in greater detail. We discover that technical innovation carried out by a monopolist could...
Persistent link: https://www.econbiz.de/10010302705
A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in employment. A two-country model is used to demonstrate that the open economy dimension can enhance the ability of sticky price models to account for the evidence. The reasoning is as...
Persistent link: https://www.econbiz.de/10010295298
Most people accept that structural and labour market reforms are needed in Europe. However few have been undertaken. The usual conjecture is that reforms are costly in economic performance and costly to finance. Blanchard and Giavazzi (2003) and Spector (2004) develop a general equilibrium model...
Persistent link: https://www.econbiz.de/10010298611
Examples of simple economic theory models are analyzed as restrictions on the Cointegrated VAR (CVAR). This establishes a correspondence between basic economic concepts and the econometric concepts of the CVAR: The economic relations correspond to cointegrating vectors and exogeneity in the...
Persistent link: https://www.econbiz.de/10010298620
A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in employment. A two-country model is used to demonstrate that the open economy dimension can enhance the ability of sticky price models to account for the evidence. The reasoning is as...
Persistent link: https://www.econbiz.de/10010298813