This paper estimates fiscal policy multipliers for small states using two distinct models: an empirical forecast error model with data from twenty-three across the world, and a dynamic stochastic general equilibrium (DSGE) calibrated to hypothetical state’s economy. We find that, in short term, government consumption investment are both about 0.4, on average, DSGE baseline results, they affecte...

We explore the structural drivers of bank and nonbank credit cycles using a medium-scale dynamic stochastic general equilibrium (DSGE) model with two types financial intermediation. posit economywide sectoral disturbances in both macro sectors. estimate that shocks to balance sheets entrepreneurs are important for fluctuations growth at business cycle frequency. Economywide entrepreneurial risk...

Epstein-Zin preferences (or “EZ” preferences) have become increasingly popular in recent asset pricing work. Dynamic stochastic general equilibrium (DSGE) models which feature Epstein-Zin preferences are typically considered technically challenging, often thought to require sophisticated numerical solution methods to solve them and considerable additional thought to understand them. The purpose...

the purpose of this paper is to examine the effects of monetary, fiscal and oil revenue shocks on macroeconomic variables in the framework of rule and discretionary monetary policy. to end this, we use a new keynesian dynamic stochastic general equilibrium (dsge) model. given the dominant role of oil in the country, we consider the role of oil shock in the model through different channels. the ...

Global warming represents a "hot" topic in our current daily life. This paper builds up and simulates dynamic stochastic general equilibrium (DSGE) model the spirit of Nordhaus (2008) while investigating consumers' behavior context where economic environmental issues interact. The suggests that households do not care about global as much they should. Even if make pro-environmental consumption c...

Which type of monetary policy rule best describes the conducted by Bank Japan (BOJ) during period when nominal interest rate is constrained at zero lower bound (ZLB)? What are economic fundamentals that explain Japan's prolonged stagnation? How important incorporating nonlinearities in analysis? We answer these questions estimating a small-scale nonlinear dynamic stochastic general equilibrium ...

We apply the data cloning method to estimate a medium-scale dynamic stochastic general equilibrium model. The algorithm is numerical that employs replicas of original sample approximate maximum likelihood estimator as limit Bayesian simulation-based estimators. also analyze identification properties measure individual strength each parameter by observing posterior volatility estimates and acces...