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The Algebraic Galaxy of Simple Macroeconomic Models

The Algebraic Galaxy of Simple Macroeconomic Models »

Source: The Algebraic Galaxy of Simple Macroeconomic Models : A Hitchhiker's Guide

Volume/Issue: 2017/123

Series: IMF Working Papers

Author(s): Evan Tanner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2017

ISBN: 9781484300619

Keywords: New Keynesian Model, IS Curve, Taylor Rule, Marshall-Lerner Condition, Undergraduate, Forecasting and Simulation

Simple macroeconomic frameworks like the IS/LM have survived because they help us conceptualize complex problems while also providing ‘back of the envelope' estimates of macroeconomic outcomes. Herein, a bare-bones...

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...

The Cost Channel of Monetary Policy

The Cost Channel of Monetary Policy »

Source: The Cost Channel of Monetary Policy : Further Evidence for the United States and the Euro Area

Volume/Issue: 2003/149

Series: IMF Working Papers

Author(s): Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2003

ISBN: 9781451856910

Keywords: Price Puzzle, New Keynesian Models, Bayesian Methods, nominal interest rate, central bank, monetary economics, Bayesian Analysis, Simulation Methods, Price-Puzzle,

This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to bo...

A Closed Form Multivariate Linear Filter

A Closed Form Multivariate Linear Filter »

Source: A Closed Form Multivariate Linear Filter

Volume/Issue: 2018/275

Series: IMF Working Papers

Author(s): Francis Vitek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2018

ISBN: 9781484388785

Keywords: Closed form; Multivariate linear filter; New Keynesian model; Potential output; Natural rate of unemployment; Natural rate of interest

This paper considers the problem of jointly decomposing a set of time series variables into cyclical and trend components, subject to sets of stochastic linear restrictions among these cyclical and trend components...

Disintermediation and Monetary Transmission in Canada

Disintermediation and Monetary Transmission in Canada »

Source: Disintermediation and Monetary Transmission in Canada

Volume/Issue: 2006/84

Series: IMF Working Papers

Author(s): Jorge Roldos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

ISBN: 9781451863444

Keywords: Transmission of monetary policy, new keynesian models, aggregate demand, monetary transmission, inflation, monetary shock, Multiple or Simultaneous Equation Models: Time-Series Models, Transmission Of Monetary Polcy, Instruments,

This paper studies changes in Canada's monetary policy transmission, associated with the important changes in financial structure experienced in the 1990's, using two methodologies. First, VAR models show a clear b...

The Information Content of Money in Forecasting Euro Area Inflation

The Information Content of Money in Forecasting Euro Area Inflation »

Source: The Information Content of Money in Forecasting Euro Area Inflation

Volume/Issue: 2008/166

Series: IMF Working Papers

Author(s): Emil Stavrev , and Helge Berger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

ISBN: 9781451870244

Keywords: Information content of money, inflation forecasting, New Keynesian model, DSGE model, P* model, Two-pillar Phillips curve, VAR model, general dynamic factor model, Bayesian estimation, aggregate demand

This paper contributes to the debate on the role of money in monetary policy by analyzing the information content of money in forecasting euro-area inflation. We compare the predictive performance within and among...

FX Intervention in the New Keynesian Model

FX Intervention in the New Keynesian Model »

Source: FX Intervention in the New Keynesian Model

Volume/Issue: 2017/207

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

ISBN: 9781484320617

Keywords: Foreign exchange, Central banks and their policies, Central bank reserves; Speculative attack; Portfolio balance model; Equilibrium determinacy; Capital flows; Capital controls; Open Economy New Keynesian Model, Central bank reserves, Speculative attack, Portfolio balance model, Equilibrium determinacy, Capital flows, Capital controls, Open Economy New Keynesian Model

We develop an open economy New Keynesian Model with foreign exchange intervention in the presence of a financial accelerator mechanism. We obtain closed-form solutions for the optimal interest rate policy and FX in...

Household Production, Services and Monetary Policy1

Household Production, Services and Monetary Policy1 »

Source: Household Production, Services and Monetary Policy

Volume/Issue: 2012/206

Series: IMF Working Papers

Author(s): Constant Lonkeng Ngouana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

ISBN: 9781475505566

Keywords: Consumer services, DSGE model, Household production, Monetary shock, Nondurable goods, New Keynesian Phillips curve, inflation, monetary shocks, monetary economics, inflation dynamics

A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real w...

A Monetary Policy Model Without Money for India1

A Monetary Policy Model Without Money for India1 »

Source: A Monetary Policy Model Without Money for India

Volume/Issue: 2010/183

Series: IMF Working Papers

Author(s): Muneesh Kapur , and Michael Patra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

ISBN: 9781455202171

Keywords: IS Curve, Monetary Transmission, Neutral Interest Rate, New Keynesian Model, Phillips Curve, inflation, aggregate demand, real interest rate, monetary policy reaction function, Open Economy Macroeconomics,

A New Keynesian model estimated for India yields valuable insights. Aggregate demand reacts to interest rate changes with a lag of at least three quarters, with inflation taking seven quarters to respond. Inflation...

Fiscal Consolidation and Public Wages

Fiscal Consolidation and Public Wages »

Source: Fiscal Consolidation and Public Wages

Volume/Issue: 2019/125

Series: IMF Working Papers

Author(s): Juin-Jen Chang , Hsieh-Yu Lin , Nora Traum , and Shu-Chun Susan Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 June 2019

ISBN: 9781498316835

Keywords: Public sector wages, Real interest rates, Income tax revenue, Wage policy, Consumption taxes, public wage, fiscal consolidation, government spending, fiscal policy, New Keynesian model

A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the macroeconomic and fiscal effects of public wage reductions. We find that accounting for the t...