Search Results - subject_exact:"Neoclassical synthesis"

Alves, Felipe; Violante, Giovanni L. - 2026 - Last updated: March 2, 2026

The current monetary policy framework of the Fed intends to be more 'inclusive' by running the economy hot for longer during expansions. The logic of this strategy rests on Okun's (1973) hypothesis that sustaining a 'high-pressure economy' persistently improves labor market outcomes of low-wage...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015610837

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Monetary policy under Okun's hypothesis

Alves, Felipe; Violante, Giovanni L. - 2026

Book / Working Paper

Monetary Policy Under Okun's Hypothesis

Alves, Felipe; Violante, Giovanni L. - 2025

Book / Working Paper

The perils of narrowing fiscal spaces

Kase, Hanno; Melosi, Leonardo; Rast, Sebastian; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613761

Exogenous fluctuations : DSGE models

Nicoletti, Giulio; Pensieroso, Luca - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015597400

HANK comes of age : monetary policy with heterogeneous overlapping generations

Bardóczy, Bence; Savoia, Ettore; Velásquez-Giraldo, Mateo - 2026

We study the transmission and distributional effects of monetary policy in an environment where consumption-saving choices reflect both precautionary motives and life-cycle considerations. Age emerges as a key state variable linking multiple dimensions of heterogeneity: young households have low...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015589512

Higher-order forward guidance

Dordal i Carreras, Marc; Lee, Seung Joo - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015578338

Estimating the New Keynesian Phillips Curve in Vietnam

Hung, Trinh Phuc; Vasilev, Aleksandar - 2026

This research aimed to identify existence of a New Keynesian Phillips Curve in Vietnam. The examined period was 2012Q2 - 2025Q2, using secondary macroeconomics data and the Generalised Moments Method at 95% level of confidence. The dependent variables were price inflation and wage inflation,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604707

Markov-switching DSGE modeling in RISE

Maih, Junior; Hashimzade, Nigar; Kirsanov, Oleg; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604809

Monetary policy under high uncertainty : the option value of waiting

Wang, Haobin; Allen Ng - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015624533

Households' inflation expectations and consumption in macroeconomic models : a negative real income channel

Mašek, Frantisek - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625682

Modelling the dynamic effects of inequality

Cornforth, Ed; Szendrei, Tibor - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015640055

Monetary policy in the Euro Area, when Philips curves ... are curves

Ascari, Guido; Carrier, Alexandre; Gasteiger, Emanuele; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015640484

The link between monetary policy and the labor share : new empirical evidence and theoretical considerations

Badinger, Harald; Glocker, Christian; Schiman-Vukan, Stefan - 2026

Using a structural VAR with a relatively agnostic identification based on narrative sign restrictions, this paper, in line with recent empirical evidence, documents an increase in the labor share following restrictive monetary policy in the euro area. We then complement the empirical analysis...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015651720

An energy New Keynesian DSGE model for South Africa

Cassiem, Abdul; Liu, Guangling - 2026

This paper develops an energy New Keynesian dynamic stochastic general equilibrium model to study the impact of climate change on the South African economy. The model incorporates an energy producer within a standard sticky-price framework and links environmental damages to macroeconomic...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015651827

Inflation vs inclusion : stabilization policy in the wake of the pandemic

Alves, Felipe; Violante, Giovanni L. - 2026 - Last updated: April 14, 2026

As the economy emerges from a crisis, macroeconomic policy confronts a dilemma: a protracted stimulus can foster a more inclusive labor market recovery, yet risks igniting inflation that ultimately undermines workers' welfare through real income erosion. This tension amplifies in the presence of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015651889

Double inertia, Taylor rules, and monetary policy gradualism

Crawley, Edmund; Goodwin, William; Jacobson, Margaret M.; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653234

Slow learning

Christiano, Lawrence J.; Eichenbaum, Martin S.; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653253

Sticky prices and constraints to produce

Markauskas, Justinas; Ravn, Morten O.; Ríos-Rull, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653798

On the empirical (ir)relevance of the zero lower bound constraint : the case of fiscal multiplier in Japan

Iiboshi, Hirokuni; Iwata, Yasuharu; Tsuruga, Takayuki - 2026

Japanís prolonged ZLB period alongside substantial debt accumulation makes it a compelling laboratory for testing whether fiscal multipliers differ across normal and ZLB periods. This paper investigates this question using a sign- and zero-restricted TVP-VAR that jointly identifies fiscal rules...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015634030

In search of credit crunch (rationing) periods in Albania : a disequilibrium approach

Shijak, Gerti - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637359

Modeling credit demand and supply of firms and households in Albania

Shijak, Gerti - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637410

Optimal inflation rate : a meta-analysis

Opatrny, Matej; Opatrny, Martin; Havránek, Tomáš; … - 2026

We revisit the optimal long-run inflation rate using 777 estimates from 116 primary studies published between 1989 and 2026, the largest sample on the topic to date. To our knowledge, this is among the first economics meta-analyses in which primary-data extraction is done from start to finish...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015667786

Learning monetary policy strategies at the effective lower bound with sudden surprises

Krane, Spencer David; Melosi, Leonardo; Rottner, Matthias - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668273

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Learning monetary policy strategies at the effective lower bound with sudden surprises

Krane, Spencer David; Melosi, Leonardo; Rottner, Matthias - 2023

Book / Working Paper

Learning monetary policy strategies at the effective lower bound with sudden surprises

Krane, Spencer David; Melosi, Leonardo; Rottner, Matthias - 2023

Book / Working Paper

Housing markets and the heterogeneous effects of monetary policy across the euro area

Pica, Stefano - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668218

Estimating nonlinear heterogeneous agent models with neural networks

Kase, Hanno; Melosi, Leonardo; Rottner, Matthias - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015206737

Nonlinear estimation of a New Keynesian model with endogenous inflation de-anchoring

Hecker, Dominik; Wolters, Maik H. - 2025

We estimate a New Keynesian model that allows endogenous transitions between a target equilibrium, with inflation fluctuating around the central bank's target and interest rates typically positive, and a low-inflation equilibrium, where the effective lower bound binds and de-anchored...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015551146

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Nonlinear estimation of a New Keynesian model with endogenous inflation de-anchoring

Hecker, Dominik; Wolters, Maik H. - 2025

Book / Working Paper

The granular origins of inflation

Alvarez-Blaser, Santiago; Auer, Raphael A.; Lein, Sarah; … - 2025

This paper uses barcode-level price data for 16 advanced and emerging market countries over the period 2005–2022 to investigate the role of individual firms and product categories in aggregate inflation. We decompose inflation into the component due to macroeconomic shocks and the granular...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015548900

Fiscal stimulus with supply constraints

Fornaro, Luca - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015548922

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Fiscal stimulus with supply constraints

Fornaro, Luca - 2024

Book / Working Paper

Fiscal stimulus with supply constraints

Fornaro, Luca - 2024

Book / Working Paper

Structural change in post Keynesian monetary theory : a Non-Compensatory Disequilibrium Framework

Túñez-Area, Narciso - 2025

Post Keynesian Economics has shifted away and even renegade from Keynes' original research program, i.e., the Unemployment Equilibrium thesis, endogenous money and liquidity preference determination of interest rate in which money and uncertainty play a fundamental part. This paper attempts to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015549054

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Structural Change in Post Keynesian Monetary Theory : A Non-Compensatory Disequilibrium Framework

Túñez Area, Narciso - 2021

Book / Working Paper

Tradeoffs for the poor, divine coincidence for the rich

Del Negro, Marco; Diagne, Ibrahima; Dogra, Keshav; … - 2025

We use an estimated medium-scale HANK model to investigate how the tradeoff between stabilizing inflation and consumption volatility varies for households with different levels of wealth. Consumption for the rich is mostly affected by demand shocks via their exposure to highly procyclical...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015372071

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Tradeoffs for the poor, divine coincidence for the rich

Del Negro, Marco; Diagne, Ibrahima; Dogra, Keshav; … - 2025

Book / Working Paper

Monetary and fiscal policies in Brazil and the behavioral approach

Freitas, Raphael José Pereira - 2025

Purpose This study aims to elucidate the dynamics of monetary and fiscal policy interactions in Brazil, focusing on the impacts of positive shocks in government consumption and interest rates. By comparing rational and behavioral agent responses, it clarifies how these frameworks influence gross...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015372631

Moment matching for Bayesian inference in the baseline New-Keynesian model

Jang, Tae-Seok; Sacht, Stephen - 2025

Contrary to claims in studies on financial economics, a sparse database often obscures the identification of parameters in macroeconomic models. These identification problems originate from the poorly defined mapping between a structural model and reduced-form parameters. Hence, researchers rely...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015372746

Forward guidance and its effectiveness : a macro-finance shadow-rate framework

Koeda, Junko; Wei, Bin - 2025 - This Draft: March 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015333527

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Forward guidance and its effectiveness : a macro finance shadow-rate framework

Koeda, Junko; Wei, Bin - 2023

Book / Working Paper

U.S. monetary policy spillovers to emerging market countries : responses to cost-push and natural rate shocks

Cheng, Penghao; You, Yu - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015193337

Household inflation heterogeneity and the relative price elasticity channel of monetary policy

Neyer, Ulrike; Stempel, Daniel - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015193782

The power of persistence: how demand shocks and monetary policy shape macroeconomic outcomes

Collard, Fabrice; Fève, Patrick; Wangner, Philipp - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015194579

The new Keynesian climate model

Sahuc, Jean-Guillaume; Smets, Frank; Vermandel, Gauthier - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015173783

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The new keynesian climate model

Sahuc, Jean-Guillaume; Smets, Frank; Vermandel, Gauthier - 2024

Book / Working Paper

Do deficits cause inflation? : a high frequency narrative approach

Hazell, Jonathon; Hobler, Stephan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015199756

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Do deficits cause inflation? : a high frequency narrative approach

Hazell, Jonathon; Hobler, Stephan - 2024

Book / Working Paper

Monetary-fiscal forward guidance

Kopiec, Paweł - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015359826

Green ambiguity

Carli, Marco - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015326344

Endogenous labor supply in an estimated New-Keynesian model : nominal versus real rigidities

Cairó, Isabel; Chung, Hess; Ferrante, Francesco; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015326360

Interest rate smoothing in the face of energy shocks

Corbellini, Stefano Maria - 2025

This paper analyzes the monetary policy trade-off between defending purchasing power of consumers and keeping moderate debt cost for borrowers, in the framework of a heterogeneous agent New Keynesian open economy hit by a foreign energy price shock. Raising the interest rate indeed combats the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015329677

The drivers of inflation in Korea : insights from a small open DSGE model

Kim, Kyunghun - 2025

This study analyzes the drivers of inflation in South Korea using a Dynamic Stochastic General Equilibrium (DSGE) model tailored to the characteristics of Korea as a small open economy. Employing quarterly data from 1999Q2 to 2023Q2, Bayesian estimation is used to estimate Korea-specific...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015418135

The natural rate of interest and convergence

Ertl, Martin; Rabitsch, Katrin - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015418793

Trade costs and inflation dynamics

Cuba-Borda, Pablo; Queralto, Albert; Reyes-Heroles, Ricardo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015419382

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Trade costs and inflation dynamics

Cuba-Borda, Pablo; Queralto, Albert; Reyes-Heroles, Ricardo - 2025

Book / Working Paper

Convergence? Thoughts about the evolution of mainstream macroeconomics over the last 40 years

Blanchard, Olivier - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015419437

Inflation perceptions and monetary policy

Hahn, Volker; Marenčák, Michal - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015422828

Forward guidance and fiscal rules in HANK

Rannenberg, Ansgar - 2025

I show that in a canonical HANK model, under a balanced budget fiscal rule, the effect of a nominal interest rate peg is much larger than in a representative agent (RA) model. By contrast, under a standard fiscal rule where tax revenue responds gradually to deviations of the debt-to-GDP ratio...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015425053