Constructing and Estimating a Realistic Optimizing Model of Monetary Policy

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ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Constructing and Estimating a Realistic Optimizing Model of Monetary Policy by : Jinill Kim

Download or read book Constructing and Estimating a Realistic Optimizing Model of Monetary Policy written by Jinill Kim and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A dynamic stochastic general-equilibrium (DSGE) model with real and nominal, both price and wage, rigidities succeeds in capturing some key nominal features of U.S. business cycles. Additive technology shocks, as well as multiplicative shocks, are introduced and shown to be crucial. Monetary policy is specified as an interest rate targeting rule following developments in the structural vector autoregression (VAR) literature. The interaction between real and nominal rigidities is essential to reproduce the liquidity effect of monetary policy. The model is estimated by maximum likelihood on U.S. data, and its fit is comparable to that of an unrestricted first-order VAR. Besides producing reasonable impulse responses and second moments, this model replicates a feature of U.S. business cycles, never captured by previous research with DSGE models, that an increase in interest rates predicts a decrease in output two to six quarters in the future.

Monetary Policy, Inflation, and the Business Cycle

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Publisher : Princeton University Press
ISBN 13 : 1400866278
Total Pages : 295 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí

Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts

Methods for Applied Macroeconomic Research

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Publisher : Princeton University Press
ISBN 13 : 140084102X
Total Pages : 509 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Methods for Applied Macroeconomic Research by : Fabio Canova

Download or read book Methods for Applied Macroeconomic Research written by Fabio Canova and published by Princeton University Press. This book was released on 2011-09-19 with total page 509 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last twenty years have witnessed tremendous advances in the mathematical, statistical, and computational tools available to applied macroeconomists. This rapidly evolving field has redefined how researchers test models and validate theories. Yet until now there has been no textbook that unites the latest methods and bridges the divide between theoretical and applied work. Fabio Canova brings together dynamic equilibrium theory, data analysis, and advanced econometric and computational methods to provide the first comprehensive set of techniques for use by academic economists as well as professional macroeconomists in banking and finance, industry, and government. This graduate-level textbook is for readers knowledgeable in modern macroeconomic theory, econometrics, and computational programming using RATS, MATLAB, or Gauss. Inevitably a modern treatment of such a complex topic requires a quantitative perspective, a solid dynamic theory background, and the development of empirical and numerical methods--which is where Canova's book differs from typical graduate textbooks in macroeconomics and econometrics. Rather than list a series of estimators and their properties, Canova starts from a class of DSGE models, finds an approximate linear representation for the decision rules, and describes methods needed to estimate their parameters, examining their fit to the data. The book is complete with numerous examples and exercises. Today's economic analysts need a strong foundation in both theory and application. Methods for Applied Macroeconomic Research offers the essential tools for the next generation of macroeconomists.

Monetary Policy in an Estimated Optimization-Based Model with Sticky Prices and Wages

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (453 download)

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Book Synopsis Monetary Policy in an Estimated Optimization-Based Model with Sticky Prices and Wages by :

Download or read book Monetary Policy in an Estimated Optimization-Based Model with Sticky Prices and Wages written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Reserve Bank of Kansas City presents the full text of an article entitled "Monetary Policy in an Estimated Optimization-Based Model with Sticky Prices and Wages," by Jeffery D. Amato and Thomas Laubach. The article discusses estimates of an optimization-based equilibrium model with sticky prices and wages.

Monetary Policy, Inflation, and the Business Cycle

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Publisher : Princeton University Press
ISBN 13 : 0691164789
Total Pages : 296 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí

Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts

Designing a Simple Loss Function for Central Banks

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Publisher : International Monetary Fund
ISBN 13 : 1484311752
Total Pages : 56 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Designing a Simple Loss Function for Central Banks by : Davide Debortoli

Download or read book Designing a Simple Loss Function for Central Banks written by Davide Debortoli and published by International Monetary Fund. This book was released on 2017-07-21 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when ensuring a low probability of hitting the zero lower bound on interest rates.

Dynamic Macroeconomic Models in Emerging Market Economies

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Publisher : Springer Nature
ISBN 13 : 981154588X
Total Pages : 286 pages
Book Rating : 4.8/5 (115 download)

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Book Synopsis Dynamic Macroeconomic Models in Emerging Market Economies by : Daniel Lukui Jia

Download or read book Dynamic Macroeconomic Models in Emerging Market Economies written by Daniel Lukui Jia and published by Springer Nature. This book was released on 2020-08-26 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book summarizes the evolution of modern macroeconomics (New Consensus Macroeconomics, NCM) and proposes a new approach to theoretical and empirical analysis, which is based on a recently developed dynamic stochastic general equilibrium (DSGE) model. Dynamic macroeconomic analysis in emerging market economies is challenging, and of growing importance in the global economy, where emerging markets are becoming more and more influential. Clearly, a deeper understanding of the inner workings of emerging economies, particularly with respect to their socioeconomic structure and the urbanization process, is needed. The book’s extends the NCM/DSGE model to better account for significant economic and social features in emerging market economies. In particular, household heterogeneities and social stratification are explicitly incorporated into the framework proposed here, substantially enhancing the comprehensiveness of the model economy, and allowing it to better account for underlying social structure in emerging economies. Furthermore, financial and housing markets have not been considered sufficiently in either the advanced or emerging economy literature, an oversight this book remedies. As such, it makes an original and valuable contribution to the field, and a direction for future research.

journal of monetary economics

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ISBN 13 :
Total Pages : 908 pages
Book Rating : 4./5 ( download)

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Book Synopsis journal of monetary economics by :

Download or read book journal of monetary economics written by and published by . This book was released on 2004 with total page 908 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Economic Dynamics in Discrete Time, second edition

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Publisher : MIT Press
ISBN 13 : 026235733X
Total Pages : 849 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Economic Dynamics in Discrete Time, second edition by : Jianjun Miao

Download or read book Economic Dynamics in Discrete Time, second edition written by Jianjun Miao and published by MIT Press. This book was released on 2020-03-03 with total page 849 pages. Available in PDF, EPUB and Kindle. Book excerpt: A unified and comprehensive introduction to the analytical and numerical tools for solving dynamic economic problems; substantially revised for the second edition. This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tools for solving dynamic economic problems. The focus is on introducing recursive methods—an important part of every economist's set of tools—and readers will learn to apply recursive methods to a variety of dynamic economic problems. The book is notable for its combination of theoretical foundations and numerical methods. Each topic is first described in theoretical terms, with explicit definitions and rigorous proofs; numerical methods and computer codes to implement these methods follow. Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models. This second edition has been substantially updated. Responding to renewed interest in modeling with multiple equilibria, it incorporates new material on this topic throughout. It offers an entirely new chapter on deterministic nonlinear systems, and provides new material on such topics as linear planar systems, chaos, bifurcations, indeterminacy and sunspot solutions, pruning nonlinear solutions, the bandit problem, rational inattention models, bequests, self-fulfilling prophecies, the cyclical behavior of unemployment and vacancies, and the long-run risk model. The exposition of each chapter has been revised and improved, and many new figures, Matlab codes, and exercises have been added. A student solutions manual can be purchased separately.

The U.S. Dollar and the Trade Deficit

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Publisher : International Monetary Fund
ISBN 13 : 1451859880
Total Pages : 43 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The U.S. Dollar and the Trade Deficit by : Mr.Benjamin Hunt

Download or read book The U.S. Dollar and the Trade Deficit written by Mr.Benjamin Hunt and published by International Monetary Fund. This book was released on 2003-10-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a version of the IMF’s new Global Economic Model (GEM), calibrated to analyze macroeconomic interdependence between the United States and the rest of the world, this paper asks to what extent an asymmetric productivity shock in the tradable sector of the economy may account for real exchange rate and trade balance developments in the United States in the second half of the 1990s. The paper concludes that the Balassa-Samuelson effect of such a productivity shock is only part of the story. A second shock, a broadly defined “risk premium” shock, and some uncertainty about the persistence of both shocks are needed to match the data more satisfactorily.

Working Paper Series

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Publisher :
ISBN 13 :
Total Pages : 606 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Working Paper Series by :

Download or read book Working Paper Series written by and published by . This book was released on 2003 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries

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Publisher : Springer Nature
ISBN 13 : 3030692213
Total Pages : 2139 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries by : Bahaaeddin Alareeni

Download or read book The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries written by Bahaaeddin Alareeni and published by Springer Nature. This book was released on 2021-03-12 with total page 2139 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces the students, researchers and practitioners into the subject and enabling technologies and applications pertaining to of technology, entrepreneurship and business development through research articles, case studies etc. It is primarily intended for academic purposes for learners of computer Science, management, accounting and information systems disciplines, economics,- entrepreneurship. Publishing chapters in the book is new innovative idea to spread the book in the Middle East and Arab countries and make the book achieve more sales. As many students in all levels, graduates and undergraduates in addition to research, professionals are not able to get sufficient resources because of the language concern.

Document de Travail

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Publisher :
ISBN 13 :
Total Pages : 202 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Document de Travail by : Bank of Canada

Download or read book Document de Travail written by Bank of Canada and published by . This book was released on 2004 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:

New Perspectives on Monetary Policy, Inflation and the Business Cycle

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Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.X/5 (6 download)

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Book Synopsis New Perspectives on Monetary Policy, Inflation and the Business Cycle by : Jordi Galí

Download or read book New Perspectives on Monetary Policy, Inflation and the Business Cycle written by Jordi Galí and published by . This book was released on 2002 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present paper provides an overview of recent developments in the analysis of monetary policy in the presence of nominal rigidities. The paper emphasizes the existence of several dimensions in which the recent literature provides a new perspective on the linkages among monetary policy, inflation, and the business cycle. It is argued that the adoption of an explicitly optimizing, general equilibrium framework has not been superfluous; on the contrary, it has yielded many insights which, by their nature, could hardly have been obtained with earlier non-optimizing models.

Bayesian Estimation of DSGE Models

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Publisher : Princeton University Press
ISBN 13 : 0691161089
Total Pages : 295 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Bayesian Estimation of DSGE Models by : Edward P. Herbst

Download or read book Bayesian Estimation of DSGE Models written by Edward P. Herbst and published by Princeton University Press. This book was released on 2015-12-29 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic stochastic general equilibrium (DSGE) models have become one of the workhorses of modern macroeconomics and are extensively used for academic research as well as forecasting and policy analysis at central banks. This book introduces readers to state-of-the-art computational techniques used in the Bayesian analysis of DSGE models. The book covers Markov chain Monte Carlo techniques for linearized DSGE models, novel sequential Monte Carlo methods that can be used for parameter inference, and the estimation of nonlinear DSGE models based on particle filter approximations of the likelihood function. The theoretical foundations of the algorithms are discussed in depth, and detailed empirical applications and numerical illustrations are provided. The book also gives invaluable advice on how to tailor these algorithms to specific applications and assess the accuracy and reliability of the computations. Bayesian Estimation of DSGE Models is essential reading for graduate students, academic researchers, and practitioners at policy institutions.

Journal of Economic Dynamics & Control

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Publisher :
ISBN 13 :
Total Pages : 1158 pages
Book Rating : 4.:/5 (49 download)

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Book Synopsis Journal of Economic Dynamics & Control by :

Download or read book Journal of Economic Dynamics & Control written by and published by . This book was released on 2003 with total page 1158 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Carleton Economic Papers

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Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Carleton Economic Papers by :

Download or read book Carleton Economic Papers written by and published by . This book was released on 2004 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: