Heterogeneous Households, Real Rigidity, and Estimated Duration of Price Contract in a Sticky-Price DSGE Model

2010 ◽  
Author(s):  
Jae Won Lee
Keyword(s):  
Dsge Model ◽  
Real Rigidity

Exploring the Nexus between Macro-Prudential Policies and Monetary Policy Measures: Evidence from an Estimated DSGE Model for the Euro Area

2013 ◽  
Author(s):  
Giacomo Carboni ◽  
Matthieu Darracq Paries ◽  
Christoffer Kok Sorensen
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Dsge Model ◽  
Policy Measures

Are Commodity Price Shocks Important? A Bayesian Estimation of a DSGE Model for Russia

2013 ◽  
Author(s):  
Oxana Malakhovskaya ◽  
Alexey Minabutdinov
Keyword(s):  
Bayesian Estimation ◽  
Commodity Price ◽  
Dsge Model ◽  
Price Shocks ◽  
Commodity Price Shocks

An Open-Economy DSGE Model of the Euro Area

2006 ◽  
Author(s):  
Pascal Jacquinot ◽  
Ricardo Mestre ◽  
Martin Spitzer
Keyword(s):  
Euro Area ◽  
Open Economy ◽  
Dsge Model

LABOR-MARKET HETEROGENEITY, AGGREGATION, AND POLICY (IN)VARIANCE OF DSGE MODEL PARAMETERS

2013 ◽  
Vol 11 ◽  
pp. 193-220 ◽  
Author(s):  
Yongsung Chang ◽  
Sun-Bin Kim ◽  
Frank Schorfheide
Keyword(s):  
Labor Market ◽  
Model Parameters ◽  
Dsge Model

Output and welfare effect of green credit in China: Evidence from an estimated DSGE model

2021 ◽  
Vol 294 ◽  
pp. 126326
Author(s):  
Li Liu ◽  
Ling-Yun He
Keyword(s):  
Welfare Effect ◽  
Dsge Model

scholarly journals South Africa’s economic response to monetary policy uncertainty

2017 ◽  
Vol 44 (2) ◽  
pp. 282-293 ◽  
Author(s):  
Mehmet Balcilar ◽  
Rangan Gupta ◽  
Charl Jooste
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Stochastic Volatility ◽  
Stochastic Volatility Model ◽  
Economic Consequences ◽  
Policy Uncertainty ◽  
Dsge Model ◽  
Content Type ◽  
Volatility Model ◽  
Central Bankers

Purpose The purpose of this paper is to study the evolution of monetary policy uncertainty and its impact on the South African economy. Design/methodology/approach The authors use a sign restricted SVAR with an endogenous feedback of stochastic volatility to evaluate the sign and size of uncertainty shocks. The authors use a nonlinear DSGE model to gain deeper insights about the transmission mechanism of monetary policy uncertainty. Findings The authors show that monetary policy volatility is high and constant. Both inflation and interest rates decline in response to uncertainty. Output rebounds quickly after a contemporaneous decrease. The DSGE model shows that the size of the uncertainty shock matters – high uncertainty can lead to a severe contraction in output, inflation and interest rates. Research limitations/implications The authors model only a few variables in the SVAR – thus missing perhaps other possible channels of shock transmission. Practical implications There is a lesson for monetary policy: monetary policy uncertainty, in isolation from general macroeconomic uncertainty, often creates unintended adverse consequences and can perpetuate a weak economic environment. The tasks of central bankers are incredibly difficult. Their models project output and inflation with relatively large uncertainty based on many shocks emanating from various sources. It matters how central bankers react to these expectations and how they communicate the underlying risks associated with setting interest rates. Originality/value This is the first study that looks into monetary policy uncertainty into South Africa using a stochastic volatility model and a nonlinear DSGE model. The results should be very useful for the Central Bank as it highlights how uncertainty, that they create, can have adverse economic consequences.

scholarly journals A graphical representation of an estimated DSGE model

2015 ◽  
Vol 48 (6) ◽  
pp. 483-489 ◽  
Author(s):  
Callum Jones ◽  
Mariano Kulish
Keyword(s):  
Graphical Representation ◽  
Dsge Model
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