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DSGE-Modelling: when agents are imperfectly informed
De Grauwe, Paul - 2008
DSGE-models have become important tools of analysis not only in academia but increasingly in the board rooms of central banks. The success of these models has much to do with the coherence of the intellectual framework it provides. The limitations of these models come from the fact that they...
Persistent link: https://www.econbiz.de/10011604943
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DSGE-Modelling : When Agents are Imperfectly Informed
De Grauwe, Paul - 2021
DSGE-models have become important tools of analysis not only in academia but increasingly in the board rooms of central banks. The success of these models has much to do with the coherence of the intellectual framework it provides. The limitations of these models come from the fact that they...
Persistent link: https://www.econbiz.de/10013316538
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Inflation persistence and monetary policy design: an overview
Levin, Andrew T.; Moessner, Richhild - 2005
How monetary policy should be set optimally when the structure of the economy exhibits inflation persistence is an important question for policy makers. This paper provides an overview of the implications of inflation persistence for the design of monetary policy.
Persistent link: https://www.econbiz.de/10011604585
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Optimal discretionary policy and uncertainty about inflation persistence
Moessner, Richhild - 2005
This paper studies optimal discretionary policy with parameter uncertainty about inflation inertia. Optimal policy … in the presence of uncertainty about inflation inertia, depending on the form of the central bank’s objective function …
Persistent link: https://www.econbiz.de/10011604586
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Optimal monetary policy with uncertainty about financial frictions
Moessner, Richhild - 2006
This paper studies optimal discretionary monetary policy in the presence of uncertainty about the degree of financial … calibrated for the UK, following Bean, Larsen and Nikolov (2002). Uncertainty about the degree of financial frictions is modelled …
Persistent link: https://www.econbiz.de/10011604685
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Risk Sharing and Monetary Policy Transmission
Hauptmeier, Sebastian; Holm-Hadulla, Federic; Renault, … - 2022
Using regionally disaggregated data on economic activity, we show that risk sharing plays a key role in shaping the real effects of monetary policy. With weak risk sharing, monetary policy shocks trigger a strong and durable response in output. With strong risk sharing, the response is...
Persistent link: https://www.econbiz.de/10014242298
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Risk Management in Action - Robust Monetary Policy Rules under Structured Uncertainty
Levine, Paul; McAdam, Peter; Pearlman, Joseph; Pierse, … - 2021
rules that are robust with respect to model uncertainty facing both the policymaker and private sector. We apply our … area and estimated measures of structured exogenous and parameter uncertainty for the exercise. We find that IFB rules with …
Persistent link: https://www.econbiz.de/10013316594
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Central Bank Liquidity Provision, Risk-Taking and Economic Efficiency
Bindseil, Ulrich - 2013
After the Lehman default, but also during the euro area sovereign debt crisis, central banks have tended to extend the ability of banks to take recourse to central bank credit operations through changes of the collateral framework (e.g. CGFS, 2008 – in consistence with previous narratives,...
Persistent link: https://www.econbiz.de/10013083125
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Monetary Policy and Potential Output Uncertainty : A Quantitative Assessment
Delle Chiaie, Simona - 2012
. I find that when real unit labor cost is used as a monetary policy indicator, the potential output uncertainty has …
Persistent link: https://www.econbiz.de/10013116556
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Economic Policy Uncertainty in the Euro Area : An Unsupervised Machine Learning Approach
Azqueta-Gavaldon, Andres - 2020
We model economic policy uncertainty (EPU) in the four largest euro area countries by applying machine learning … components of overall EPU endogenously for a wide range of languages. The uncertainty indices computed from January 2000 to May … structural vector autoregression model to study the relationship between different sources of uncertainty and investment in …
Persistent link: https://www.econbiz.de/10012844456