Results 61 to 70 of about 7,201 (228)

Data revisions and DSGE models [PDF]

Journal of Econometrics, 2014
zbMATH Open Web Interface contents unavailable due to conflicting licenses.
openaire   +2 more sources

Financial Fragility and the Fiscal Multiplier

Journal of Money, Credit and Banking, EarlyView.
Abstract We show that undercapitalized banks with large holdings of government bonds subject to sovereign default risk lead to a new crowding‐out channel: deficit‐financed fiscal stimuli lead to higher bond yields, triggering capital losses for the banks. Banks then cut back loans, which reduces fiscal multipliers.
CHRISTIAAN VAN DER KWAAK, SWEDER VAN WIJNBERGEN   +1 more
wiley   +1 more source

Inflation – Harrod-Balassa-Samuelson Effect in a DSGE Model Setting

Economic and Business Review, 2019
This paper sets up a two-country two-sector dynamic stochastic general equilibrium model that introduces sector specific productivity shocks with quality improvement mechanism of goods.
Črt Lenarčič
doaj   +1 more source

Interest Rate Pegs and the Reversal Puzzle: On the Role of Anticipation

Journal of Money, Credit and Banking, EarlyView.
Abstract We revisit the reversal puzzle: a counterintuitive contraction of inflation in response to an interest rate peg. We show that its occurrence is intimately related to the degree of agents' anticipation. If agents perfectly anticipate the peg, reversals occur depending on the duration of the peg.
RAFAEL GERKE, SEBASTIAN GIESEN, DANIEL KIENZLER   +2 more
wiley   +1 more source

Potential Output in DSGE Models [PDF]

In view of the increasing use of Dynamic Stochastic General Equilibrium (DSGE) models in the macroeconomic projections and the policy process, this paper examines, both conceptually and empirically, alternative notions of potential output within DSGE ...
Massimiliano Pisani, Tibor Hlédik, Magnus Jonsson, Henrik Kucsera, Igor Vetlov   +4 more
core   +1 more source

A Comparative Analysis of the Calibrated DSGE Model and SSA Method Results on the Latvian Economy

Economies
This article examines the theoretical foundations of economic forecasting based on DSGE models. DSGE models are the main direction of contemporary macroeconomics theory—the inclusion of the stochastic processes and expectations of economic agents in the ...
Sergejs Hilkevics, Valentina Semakina
doaj   +1 more source

CBDC as Imperfect Substitute to Bank Deposits: A Macroeconomic Perspective

Journal of Money, Credit and Banking, EarlyView.
Abstract The impact of Central Bank Digital Currency (CBDC) is analyzed in a closed‐economy model with monopolistic competition in banking and where CBDC is an imperfect substitute with bank deposits. The design of CBDC is characterized by its interest rate, its substitutability with bank deposits, and its relative liquidity.
PHILIPPE BACCHETTA, ELENA PERAZZI
wiley   +1 more source

The Impact of Fiscal Policy on Macroeconomic Variables: New Evidence from a DSGE Model [PDF]

International Journal of Business and Development Studies, 2017
The purpose of this article is to analyze the macroeconomic impacts of fiscal policy in Iran using a new-Keynesian Dynamic Stochastic General Equilibrium (DSGE) model.
Ahmad Jafari Samimi, Naser Khiabani, Zahra Mila Elmi, Narges Akbarpour Roshan   +3 more
doaj   +1 more source

Policy Biases in a Model with Labor‐Market Frictions

Journal of Money, Credit and Banking, EarlyView.
Abstract We develop a model with labor‐market matching frictions that is subject to a range of shocks, including shocks to matching efficiency and bargaining power, and use the model to examine how monetary policy should respond to such shocks. We show that optimal monetary policy responds effectively to these shocks, producing economic outcomes that ...
RICHARD DENNIS, TATIANA KIRSANOVA
wiley   +1 more source

The Role of Remittances and FDI for the Current Account: The Case of Cambodia

Journal of Money, Credit and Banking, EarlyView.
Abstract This paper develops a small open economy real‐business‐cycle model to examine the dynamics of Cambodian current account. Differing from previous studies, our model incorporates both net foreign direct investment (FDI) and remittances as additional sources of macro‐economic fluctuations. Our results reveal that these two factors, especially FDI,
VEASNA KHENG, LEI PAN, XIAODONG FAN
wiley   +1 more source