نتایج جستجو برای: keynesian phillips curve

تعداد نتایج: 134001  

2003
Klaus Adam Roberto M. Billi

We determine optimal discretionary monetary policy in a New-Keynesian model when nominal interest rates are bounded below by zero. Nominal interest rates should be lowered faster in response to adverse shocks than in the case without bound. Such ‘preemptive easing’ is optimal because expectations of a possibly binding bound in the future amplify the e ects of adverse shocks. Calibrating the mod...

2004
Hwagyun Kim Chetan Subramanian

This paper evaluates quantitatively the effect of real money balances in a New Keynesian framework. Money in our model facilitates transactions and is introduced through a transactions cost technology. This technology acts like a distortionary consumption tax which varies endogenously with the nominal interest rate. In this setup the resultant Phillips curve becomes a function of the nominal in...

2012
Matti Viren

This paper studies uncertainty using the ECB Survey of Professional Forecasters’ data. We consider both inflation and real GDP growth forecasts at the micro level and explore forecast uncertainty using two alternative measures, i.e. conventional standard deviation of individual point forecasts and the median values of individual forecasters’ uncertainty, which are based on subjective probabilit...

Journal: :Análise Econômica 2013

Journal: :The North American Journal of Economics and Finance 2010

2011
Andrea Vaona

We consider the effect of money illusion defined referring to Stevens' ratio estimation function on the long-run Phillips curve in an otherwise standard New Keynesian model of sticky wages. We show that if households under-perceive real economic variables, negative money non-superneutralities will become more severe. On the contrary, if households over-perceive real variables, positive money no...

Journal: :J. Economic Theory 2014
Cars H. Hommes Mei Zhu

We propose behavioral learning equilibria as a plausible explanation of coordination of individual expectations and aggregate phenomena such as excess volatility in stock prices and high persistence in inflation. Boundedly rational agents use a simple univariate linear forecasting rule and correctly forecast the unconditional sample mean and first-order sample autocorrelation. In the long run, ...

2014
Isaiah Andrews

Section A gives empirical results for the Angrist and Krueger (1991) data and discusses implementation of PI tests and confidence sets. Section B provides further details on the derivation of the limit problems discussed in Section 2 of the paper. Section C shows that general nonlinear GMM models which are weakly identified in the sense of Stock and Wright (2000) give rise to limiting problems ...

2005
Noah Williams

We study the design of optimal monetary policy under uncertainty using a Markov jumplinear-quadratic (MJLQ) approach. We approximating the uncertainty that policymakers face by different discrete modes in a Markov chain, and by taking mode-dependent linear-quadratic approximations of the underlying model. This allows us to apply a powerful methodology with convenient solution algorithms that we...

نمودار تعداد نتایج جستجو در هر سال

با کلیک روی نمودار نتایج را به سال انتشار فیلتر کنید