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Macroeconomic Effects of Pension Reform in Russia

Macroeconomic Effects of Pension Reform in Russia »

Source: Macroeconomic Effects of Pension Reform in Russia

Volume/Issue: 2008/201

Series: IMF Working Papers

Author(s): David Hauner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

ISBN: 9781451870596

Keywords: Russia, pension reform, DSGE models., pension, replacement rate, retirement, private pension, retirement age, DSGE models,

Putting the pension system on a sustainable footing arguably remains the biggest challenge in Russia's economic policies. The debate about the policy options was hitherto constrained by the absence of general equil...

The Volatility Costs of Procyclical Lending Standards

The Volatility Costs of Procyclical Lending Standards »

Source: The Volatility Costs of Procyclical Lending Standards : An Assessment Using a Dsge Model

Volume/Issue: 2009/35

Series: IMF Working Papers

Author(s): Silvia Sgherri , and Bertrand Gruss

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

ISBN: 9781451871821

Keywords: Credit Cycles, Collateral Constraints, DSGE Models., standards, calibration, equation, correlation, regulation, Dsge Models,

The ongoing financial turmoil has triggered a lively debate on ways of containing systemic risk and lessening the likelihood of boom-and-bust episodes in credit markets. Particularly, it has been argued that bankin...

The Fiscal Multiplier in Small Open Economy

The Fiscal Multiplier in Small Open Economy »

Source: The Fiscal Multiplier in Small Open Economy : The Role of Liquidity Frictions

Volume/Issue: 2016/138

Series: IMF Working Papers

Author(s): Jasmin Sin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2016

ISBN: 9781498366298

Keywords: DSGE model, fiscal multiplier, small open economy, liquidity frictions

This paper studies the fiscal multiplier using a small-open-economy DSGE model enriched with financial frictions. It shows that the multiplier is large when frictions are present in domestic and international finan...

Solving and Estimating Indeterminate DSGE Models1

Solving and Estimating Indeterminate DSGE Models1 »

Source: Solving and Estimating Indeterminate DSGE Models

Volume/Issue: 2013/200

Series: IMF Working Papers

Author(s): Roger Farmer , and Vadim Khramov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2013

ISBN: 9781475589214

Keywords: Indeterminacy, DSGE Models, Expectational Errors, model, models, software, literature, press, General, Estimation

We propose a method for solving and estimating linear rational expectations models that exhibit indeterminacy and we provide step-by-step guidelines for implementing this method in the Matlab-based packages Dynare...

The ECB's Monetary Analysis Revisited

The ECB's Monetary Analysis Revisited »

Source: The ECB's Monetary Analysis Revisited

Volume/Issue: 2008/171

Series: IMF Working Papers

Author(s): Helge Berger , Thomas Harjes , and Emil Stavrev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

ISBN: 9781451870299

Keywords: ECB, monetary analysis, monetary pillar, New Keynesian model, DSGE model, P* model, Two-pillar Phillips curve, VAR model, generalized dynamic factor model, inflation

Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exc...

Does Government Spending Crowd In Private Consumption? Theory and Empirical Evidence for the Euro Area

Does Government Spending Crowd In Private Consumption? Theory and Empirical Evidence for the Euro Area »

Source: Does Government Spending Crowd In Private Consumption? Theory and Empirical Evidence for the Euro Area

Volume/Issue: 2005/159

Series: IMF Working Papers

Author(s): Günter Coenen , and Roland Straub

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2005

ISBN: 9781451861785

Keywords: non-Ricardian households, DSGE modeling, government spending, government spending shocks, aggregate consumption, DSGE modelling, Macroeconomic - Aspects of Public Finance, Macroeconomic Policy, and General Outlook,

In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New-Keynesian DSGE model of the euro area featuring non-Ricardian households. Employing Bayesian infere...

Putting the New Keynesian Model to a Test

Putting the New Keynesian Model to a Test »

Source: Putting the New Keynesian Model to a Test

Volume/Issue: 2006/135

Series: IMF Working Papers

Author(s): Roland Straub , and Gert Peersman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

ISBN: 9781451863956

Keywords: DSGE models, sign restrictions, government spending, real wages, private consumption, aggregate demand, Multiple or Simultaneous Equation Models: Time-Series Models, Model Construction and Estimation,

In recent years, New Keynesian dynamic stochastic general equilibrium (NK DSGE) models have become increasingly popular in the academic literature and in policy analysis. However, the success of these models in rep...

Banks in The Global Integrated Monetary and Fiscal Model

Banks in The Global Integrated Monetary and Fiscal Model »

Source: Banks in The Global Integrated Monetary and Fiscal Model

Volume/Issue: 2015/150

Series: IMF Working Papers

Author(s): Michal Andrle , Michael Kumhof , Douglas Laxton , and Dirk Muir

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2015

ISBN: 9781513532967

Keywords: Multi-Region DSGE Models, Financial Accelerator, Macro-Financial Linkages, banks, bank, capital, lending, interest, Other,

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region DSGE model developed by the Economic Modeling Division of the IMF for policy and scenario analysis. This paper compares two versions of GIMF,...

Systemic Risk

Systemic Risk »

Source: Systemic Risk : A New Trade-off for Monetary Policy?

Volume/Issue: 2015/142

Series: IMF Working Papers

Author(s): Stefan Laseen , Andrea Pescatori , and Jarkko Turunen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 June 2015

ISBN: 9781513579245

Keywords: Endogenous Financial Risk, DSGE models, Non-Linear Dynamics, Policy Evaluation, financial sector, welfare, prices, equity,

We introduce time-varying systemic risk in an otherwise standard New-Keynesian model to study whether a simple leaning-against-the-wind policy can reduce systemic risk and improve welfare. We find that an unexpecte...

Assessing the Impact of a Change in the Composition of Public Spending

Assessing the Impact of a Change in the Composition of Public Spending »

Source: Assessing the Impact of a Change in the Composition of Public Spending : A DSGE Approach

Volume/Issue: 2007/168

Series: IMF Working Papers

Author(s): Ivan Tchakarov , and Roland Straub

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867329

Keywords: Public consumption, DSGE models, private investment, private capital, competitive markets, budget constraint,

Despite intense calls for safeguarding public investment in Europe, public investment expenditure, when measured in relation to GDP, has steadily fallen in the last three decades, evoking fears that economic activi...