Results 71 to 80 of about 23,530 (228)

Monetary Policy Rule and Taylor Principle in Mongolia: GMM and DSGE Approaches

International Journal of Financial Studies, 2020
This article aims to examine the monetary policy rule under an inflation targeting in Mongolia with a focus on its conformity to the Taylor principle, through two kinds of approaches: a monetary policy reaction function by the generalized-method-of ...
Hiroyuki Taguchi, Ganbayar Gunbileg
doaj   +1 more source

Non‐stationary Hours in a DSGE Model [PDF]

Journal of Money, Credit and Banking, 2006
The time series fit of dynamic stochastic general equilibrium (DSGE) models often suffers from restrictions on the long‐run dynamics that are at odds with the data. Using Bayesian methods we estimate a stochastic growth model in which hours worked are stationary and a modified version with permanent labor supply shocks. If firms can freely adjust labor
Yongsung Chang, Taeyoung Doh, Frank Schorfheide   +2 more
openaire   +3 more sources

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

DSGE Models for Monetary Policy Analysis [PDF]

SSRN Electronic Journal, 2010
Monetary DSGE models are widely used because they fit the data well and can be used to address important monetary policy questions. We provide a selective review of these developments. Policy analysis with DSGE models requires using data to assign numerical values to model parameters.
Lawrence J. Christiano, Mathias Trabandt, Karl Walentin   +2 more
openaire   +2 more sources

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

Global Identification of Linearized DSGE Models [PDF]

SSRN Electronic Journal, 2014
zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Andrzej Kociecki, Marcin Kolasa
openaire   +4 more sources

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

DSGE Models in a Data-Rich Environment [PDF]

Standard practice for the estimation of dynamic stochastic general equilibrium (DSGE) models maintains the assumption that economic variables are properly measured by a single indicator, and that all relevant information for the estimation is summarized ...
Jean Boivin, Marc Giannoni
core   +6 more sources

Some Notes on Historical, Theoretical, and Empirical Background of DSGE Models

Review of Economic Perspectives, 2014
In this paper I present the historical, theoretical and empirical background of DSGE models. I show that the fundament of these models lies in optimizing agents framework and argue which impulses fueled the development of DSGE models.
Slanicay Martin
doaj   +1 more source

How good is what you've got? DSGE-VAR as a toolkit for evaluating DSGE models [PDF]

In the constant search for better models to help guide policy decisions, central banks have begun to use and develop dynamic stochastic general equilibrium (DSGE) models.
Frank Schorfheide, Marco Del Negro
core