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Aggregate Stability and Balanced-Budget Rules

Aggregate Stability and Balanced-Budget Rules »

Source: Aggregate Stability and Balanced-Budget Rules

Volume/Issue: 2014/23

Series: IMF Working Papers

Author(s): Matteo Ghilardi , and Raffaele Rossi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2014

ISBN: 9781475582291

Keywords: Constant Elasticity of Substitution, Indeterminacy, elasticity of substitution, tax rates, taxation,

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by...

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...

Inflation Targeting and Exchange Rate Management In Less Developed Countries*

Inflation Targeting and Exchange Rate Management In Less Developed Countries* »

Source: Inflation Targeting and Exchange Rate Management In Less Developed Countries

Volume/Issue: 2016/55

Series: IMF Working Papers

Author(s): Marco Airaudo , Edward Buffie , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2016

ISBN: 9781513567433

Keywords: Inflation Targeting, Exchange Rate, Indeterminacy, Taylor Principle, inflation, foreign exchange, central bank, Monetary Policy (Targets, Instruments, and Effects)

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that...

Unconventional Policy Instruments in the New Keynesian Model

Unconventional Policy Instruments in the New Keynesian Model »

Source: Unconventional Policy Instruments in the New Keynesian Model

Volume/Issue: 2016/58

Series: IMF Working Papers

Author(s): Zineddine Alla , Raphael Espinoza , and Atish Ghosh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2016

ISBN: 9781513573038

Keywords: Unconventional monetary policy, equilibrium indeterminacy, stabilization bias, inflationary bias, instrument, instruments, inflation, monetary policy, interest, Monetary Policy (Targets

This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence' breaks down. The paper discusses the role of a second instrument and its coordination with...

Assessing Dsge Models with Capital Accumulation and Indeterminacy

Assessing Dsge Models with Capital Accumulation and Indeterminacy »

Source: Assessing Dsge Models with Capital Accumulation and Indeterminacy

Volume/Issue: 2012/83

Series: IMF Working Papers

Author(s): Vadim Khramov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781475502350

Keywords: Monetary DSGE Models, Indeterminacy, monetary policy rule, interest rates, capital, inflation, Bayesian Analysis, Model Evaluation and Selection, Existence and Stability Conditions of Equilibrium,

The simulated results of this paper show that New Keynesian DSGE models with capital accumulation can generate substantial persistencies in the dynamics of the main economic variables, due to the stock nature of ca...

Aggregate Stability and Balanced-Budget Rules

Aggregate Stability and Balanced-Budget Rules »

Volume/Issue: 2014/23

Series: IMF Working Papers

Author(s): Matteo Ghilardi , and Raffaele Rossi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2014

DOI: http://dx.doi.org/10.5089/9781475582291.001

ISBN: 9781475582291

Keywords: Constant Elasticity of Substitution, Indeterminacy, elasticity of substitution, tax rates, taxation,

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by...

Solving and Estimating Indeterminate DSGE Models

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

DOI: http://dx.doi.org/10.5089/9781475589214.001

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...

Inflation Targeting and Exchange Rate Management In Less Developed Countries

Inflation Targeting and Exchange Rate Management In Less Developed Countries »

Volume/Issue: 2016/55

Series: IMF Working Papers

Author(s): Marco Airaudo , Edward Buffie , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2016

DOI: http://dx.doi.org/10.5089/9781513567433.001

ISBN: 9781513567433

Keywords: Inflation Targeting, Exchange Rate, Indeterminacy, Taylor Principle, inflation, foreign exchange, central bank, Monetary Policy (Targets, Instruments, and Effects)

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that...

Unconventional Policy Instruments in the New Keynesian Model

Unconventional Policy Instruments in the New Keynesian Model »

Volume/Issue: 2016/58

Series: IMF Working Papers

Author(s): Zineddine Alla , Raphael Espinoza , and Atish Ghosh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2016

DOI: http://dx.doi.org/10.5089/9781513573038.001

ISBN: 9781513573038

Keywords: Unconventional monetary policy, equilibrium indeterminacy, stabilization bias, inflationary bias, instrument, instruments, inflation, monetary policy, interest, Monetary Policy (Targets

This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence' breaks down. The paper discusses the role of a second instrument and its coordination with...

Assessing Dsge Models with Capital Accumulation and Indeterminacy

Assessing Dsge Models with Capital Accumulation and Indeterminacy »

Volume/Issue: 2012/83

Series: IMF Working Papers

Author(s): Vadim Khramov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502350.001

ISBN: 9781475502350

Keywords: Monetary DSGE Models, Indeterminacy, monetary policy rule, interest rates, capital, inflation, Bayesian Analysis, Model Evaluation and Selection, Existence and Stability Conditions of Equilibrium,

The simulated results of this paper show that New Keynesian DSGE models with capital accumulation can generate substantial persistencies in the dynamics of the main economic variables, due to the stock nature of ca...