New Keynesian models: not yet useful for policy analysis [PDF]
Macroeconomists have largely converged on method, model design, reduced-form shocks, and principles of policy advice. Our main disagreements today are about implementing the methodology. Some think New Keynesian models are ready to be used for quarter-to-
Ellen R. McGrattan +2 more
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What Are The Drivers of Labor Productivity in Italy?
Oxford Bulletin of Economics and Statistics, EarlyView.ABSTRACT This paper introduces a novel sign restriction identification within a structural Bayesian vector autoregression (VAR) to analyse how labour productivity responds to supply and demand shocks and to quantify the contribution of shocks to cyclical fluctuations.
Josué Diwambuena, Francesco Ravazzolo
wiley +1 more source
Marvin Goodfriend: economist and central banker. [PDF]
Bus Econ, 2023 Marshall DA.
europepmc +1 more source
A Report to the Committee on the Nobel Prize in Economic Science, 1985: The Contributions of James M. Buchanan to Economics and Political Economy [PDF]
Buchanan's contributions through 1984 are surveyed in six areas: (A) debt, fiscal illusion, and Keynesian criticisms, (B) London School of Economics cost approach, (C) methodological individualism and the economics of politics, (D) welfare price theory, (
Thomas Borcherding
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The reaction of firms' expectations to monetary policy: evidence from Norwegian firms
The Scandinavian Journal of Economics, EarlyView.Abstract An important transmission channel of monetary policy is the expectations channel. However, although this channel is important in theory, it has received limited attention in the empirical literature. One reason for this lack of focus is the scarcity of data on firms' expectations.
Jon Ellingsen
wiley +1 more source
Estimating open economy Phillips curves for the euro area with directly measured expectations [PDF]
This paper examines euro area inflation dynamics by estimating open economy New Keynesian Phillips curves based on the assumption that all imports are intermediate goods. Instead of imposing rational expectations a priori, Consensus Economics survey data
Paloviita, Maritta
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A Simple Model of Geopolitical Risk and Sanctions
Scottish Journal of Political Economy, EarlyView.ABSTRACT Geopolitical risk (GPR) shocks that trigger the imposition of sanctions tend to lower output and raise inflation in the sanctioned country. We develop a three‐equation small open economy New Keynesian model where GPR shocks are modeled as negative productivity shocks and sanctions manifest as import tariffs in response to GPR increases.
Vivien Lewis, Sirikorn Puangjit
wiley +1 more source
A Keynesian perspective on the health economics of kidney transplantation would strengthen the value of the whole organ donation and transplantation service. [PDF]
Front Public Health, 2023 Leonardis F +10 more
europepmc +1 more source
Optimal monetary policy under commitment with a zero bound on nominal interest rates [PDF]
We determine optimal monetary policy under commitment in a forward-looking New Keynesian model when nominal interest rates are bounded below by zero. The lower bound represents an occasionally binding constraint that causes the model and optimal policy ...
Klaus Adam, Roberto M. Billi
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Foreign Exchange Regimes in (Normal Times and) Times of War: Insights From Ukraine
Scottish Journal of Political Economy, EarlyView.ABSTRACT On February 24, 2022, as Russia invaded, the National Bank of Ukraine switched from a flexible to a fixed‐exchange rate regime. Was this optimal? We develop a tractable but carefully calibrated open‐economy model of Ukraine with nominal rigidities and frictions in international financial markets.
Oliver de Groot, Yevhenii Skok
wiley +1 more source