Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Monetary Policy In A Stochastic Equilibrium Model With Real And Nominal Rigidities full books in PDF, epub, and Kindle. Read online Monetary Policy In A Stochastic Equilibrium Model With Real And Nominal Rigidities ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Jinill Kim
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.E/5 ( download)
Download or read book Monetary Policy in a Stochastic Equilibrium Model with Real and Nominal Rigidities written by Jinill Kim and published by . This book was released on 1998 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Samya Beidas-Strom
Publisher : International Monetary Fund
ISBN 13 : 1455216755
Total Pages : 53 pages
Book Rating : 4.4/5 (552 download)
Download or read book An Estimated Dynamic Stochastic General Equilibrium Model of the Jordanian Economy written by Samya Beidas-Strom and published by International Monetary Fund. This book was released on 2011-02-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents and estimates a small open economy dynamic stochastic general-equilibrium model (DSGE) for the Jordanian economy. The model features nominal and real rigidities, imperfect competition and habit formation in the consumer’s utility function. Oil imports are explicitly modeled in the consumption basket and domestic production. Bayesian estimation methods are employed on quarterly Jordanian data. The model’s properties are described by impulse response analysis of identified structural shocks pertinent to the economy. These properties assess the effectiveness of the pegged exchange rate regime in minimizing inflation and output trade-offs. The estimates of the structural parameters fall within plausible ranges, and simulation results suggest that while the peg amplifies output, consumption and (price and wage) inflation volatility, it offers a relatively low risk premium.
Author : J. Kim
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (11 download)
Download or read book Monetary Policy in a Stochastic Equilibrium Model with Real and Normal Rigidities written by J. Kim and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Francis Vitek
Publisher : International Monetary Fund
ISBN 13 : 1616355786
Total Pages : 95 pages
Book Rating : 4.6/5 (163 download)
Download or read book Policy and Spillover Analysis in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2014-10-30 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary and fiscal transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.
Author : Francis Vitek
Publisher : International Monetary Fund
ISBN 13 : 1513544985
Total Pages : 112 pages
Book Rating : 4.5/5 (135 download)
Download or read book Macrofinancial Analysis in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2015-10-28 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. A variety of monetary policy analysis, fiscal policy analysis, macroprudential policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary, fiscal and macroprudential transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.
Author : Michael Gail
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (182 download)
Download or read book Nominal and Real Rigidities in Monetary Stochastic Dynamic General Equilibrium Models of the Business Cycle written by Michael Gail and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Michael Kumhof
Publisher : International Monetary Fund
ISBN 13 : 1451851049
Total Pages : 28 pages
Book Rating : 4.4/5 (518 download)
Download or read book Pricing Policies and Inflation Inertia written by Mr.Michael Kumhof and published by International Monetary Fund. This book was released on 2003-04-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a monetary model with nominal rigidities that differs from the conventional New Keynesian model with firms setting pricing policies instead of price levels. In response to permanent or highly persistent monetary policy shocks this model generates the empirically observed slow (inertial) and prolonged (persistent) reaction of the inflation rate, and also the recession that typically accompanies moderate disinflations. The reason is that firms respond to such shocks mostly through a change in the long-run or inflation updating component of their pricing policies. With staggered pricing policies there is a time lag before this is reflected in aggregate inflation.
Author : Francis Vitek
Publisher : International Monetary Fund
ISBN 13 : 1475592752
Total Pages : 122 pages
Book Rating : 4.4/5 (755 download)
Download or read book Policy, Risk and Spillover Analysis in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2017-04-04 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies, to facilitate multilaterally consistent macrofinancial policy, risk and spillover analysis. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. These macrofinancial linkages encompass bank and capital market based financial intermediation, with financial accelerator mechanisms linked to the values of the housing and physical capital stocks. A variety of monetary policy analysis, fiscal policy analysis, macroprudential policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary, fiscal and macroprudential transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.
Author : Maurice Obstfeld
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (318 download)
Download or read book New Directions for Stochastic Open Economy Models written by Maurice Obstfeld and published by . This book was released on 1999 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade. Despite the potential interplay between imperfections due to sticky wages and monopoly, the optimal monetary policy rule has a closed-form solution. To motivate our model, we show that observed correlations between terms of trade and exchange rates are more consistent with our traditional assumptions about nominal rigidities than with a popular alternative based on local-currency pricing.
Author : Jean-Pascal Bénassy
Publisher : MIT Press
ISBN 13 : 0262026139
Total Pages : 215 pages
Book Rating : 4.2/5 (62 download)
Download or read book Money, Interest, and Policy written by Jean-Pascal Bénassy and published by MIT Press. This book was released on 2007 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important recent advance in macroeconomics is the development of dynamic stochastic general equilibrium (DSGE) macromodels. The use of DSGE models to study monetary policy, however, has led to paradoxical and puzzling results on a number of central monetary issues including price determinacy and liquidity effects. In Money, Interest, and Policy, Jean-Pascal Benassy argues that moving from the standard DSGE models - which he calls "Ricardian" because they have the famous "Ricardian equivalence" property-to another, "non-Ricardian" model would resolve many of these issues. A Ricardian model represents a household as a homogeneous family of infinitely lived individuals, and Benassy demonstrates that a single modification-the assumption that new agents are born over time (which makes the model non-Ricardian)-can bridge the current gap between monetary intuitions and facts, on one hand, and rigorous modeling, on the other. After comparing Ricardian and non-Ricardian models, Benassy introduces a model that synthesizes the two approaches, incorporating both infinite lives and the birth of new agents. Using this model, he considers a number of issues in monetary policy, including liquidity effects, interest rate rules and price determinacy, global determinacy, the Taylor principle, and the fiscal theory of the price level. Finally, using a simple overlapping generations model, he analyzes optimal monetary and fiscal policies, with a special emphasis on optimal interest rate rules
Author : Jinill Kim
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
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.
Author : Volker Wieland
Publisher : Springer Science & Business Media
ISBN 13 : 3642029531
Total Pages : 140 pages
Book Rating : 4.6/5 (42 download)
Download or read book The Science and Practice of Monetary Policy Today written by Volker Wieland and published by Springer Science & Business Media. This book was released on 2009-12-01 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bridging the theory and practice of monetary policy, this book presents aspects of the New-Keynesian theory of monetary policy and its implications for the practical decision-making of central bankers. It also outlines important lessons for policymakers.
Author : Ichiro Fukunaga
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Asset Prices and Monetary Policy written by Ichiro Fukunaga and published by . This book was released on 2009 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should central banks take into account movements in asset prices in the conduct of monetary policy? We provide an analysis to address this issue using a dynamic stochastic general equilibrium model incorporating both price rigidities and financial market imperfections. Our findings are twofold. First, in the presence of these two sources of distortion in the economy, central banks face a policy tradeoff between stabilizing inflation and the output gap. With this tradeoff, central banks could strike a better balance between both objectives if they took variables other than inflation, such as asset prices, into consideration. Second, these benefits decrease when central banks rely on limited information about the underlying sources of asset price movements and cannot judge which part of the observed asset price movements reflects inefficiencies in the economy.--Author's abstract.
Author : Michael T. Kiley
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.E/5 ( download)
Download or read book Staggered Price Setting and Real Rigidities written by Michael T. Kiley and published by . This book was released on 1997 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jean-Pascal Benassy
Publisher : Oxford University Press
ISBN 13 : 019992421X
Total Pages : 800 pages
Book Rating : 4.1/5 (999 download)
Download or read book Macroeconomic Theory written by Jean-Pascal Benassy and published by Oxford University Press. This book was released on 2011-04-08 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: This graduate textbook is a primer in macroeconomics. It starts from essential undergraduate macroeconomics and develops the central topics of modern macroeconomic theory in a simple and rigorous manner. All topics essential for first year graduate students are covered. These include rational expectations, intertemporal dynamic models, exogenous and endogenous growth, nonclearing markets and imperfect competition, uncertainty, and money. The book also covers real business cycles and dynamic stochastic general equilibrium models, integrating growth and fluctuations, sticky wages and prices, consumption and investment, and unemployment. Lastly, it studies government policy, stabilization, credibility, and the connections between politics and the macroeconomy. Each topic is presented in the simplest model possible while still delivering the relevant answers and keeping rigorous foundations throughout the book. To make the book fully self-contained there is a mathematical appendix that gives all necessary mathematical results.
Author : Mika Pekka Kortelainen
Publisher :
ISBN 13 :
Total Pages : 78 pages
Book Rating : 4.:/5 (129 download)
Download or read book Actual and Perceived Monetary Policy Rules in a Dynamic General Equilibrium Model of the Euro Area written by Mika Pekka Kortelainen and published by . This book was released on 2005 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a dynamic general equilibrium model with some nominal rigidities and calibrate it to euro area data. The most important features of the model include consumption/saving decisions according to Blanchard's stochastic lifetimes approach; valuation of private financial wealth according to the present value of capital income; overlapping Calvo wage contracts in the labour market; and a neoclassical supply side with Cobb-Douglas technology. The model is developed for use in analysing differences between perceived and actual monetary policy rules, which is then done as a means of evaluating the macroeconomic benefits of credibility in monetary policy. General properties of the model are analysed with a variety of simulation experiments.
Author : Thomas A. Lubik
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (752 download)
Download or read book Inventories and Optimal Monetary Policy written by Thomas A. Lubik and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We introduce inventories into a standard New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model to study the effect on the design of optimal monetary policy. The possibility of inventory investment changes the transmission mechanism in the model by decoupling production from final consumption. This allows for a higher degree of consumption smoothing since firms can add excess production to their inventory holdings. We consider both Ramsey optimal monetary policy and a monetary policy that maximizes consumer welfare over a set of simple interest rate feedback rules. We find that in contrast to a model without inventories, Ramsey-optimal monetary policy in a model with inventories deviates from complete inflation stabilization. In the standard model, nominal price rigidity is a deadweight loss on the economy, which an optimizing policymaker attempts to remove. With inventories, a planner can reduce consumption volatility and raise welfare by accumulating inventories and letting prices change as an equilibrating mechanism. We find also find that the application of simple rules comes very close to replicating Ramsey optimal outcomes.
