[PDF] Top 20 Essays on Dynamic Macroeconomics and Monetary Policy

... as policy variables under noncooperative regime and set the first derivative of national utility function to zero by assuming an appropriate subsidy to eliminate the linear terms in the second-order approximation ... See full document

... model, which seems produce By contrast with the first essay which focused on the specification of the systematic effect of monetary policy on financial markets, the other two main essays[r] ... See full document

... Ultimately, the question of market and bargain power in the labour market is an empirical one. In fact, in reality the elasticity of labour supply, one popular measure of market power in the empirical literature, may ... See full document

... The second prevalent empirical approach is the cointegration method developed by Engle and Granger (1987) to identify a long-run equilibrium relationship between house prices and other relevant economic variables. In ... See full document

... In response to the 2008-2009 financial crisis, economic recession, and the weak recov- ery that followed, the Federal Reserve has been giving the economy unprecedented support: the federal funds rate has been kept close ... See full document

... contractionary monetary policy shock (rather than appreciation) that is also found in VAR models for industrial economies (Sims, 1992; Grilli and Roubini, 1996; Racette and Raynauld, ... See full document

... As is clear from the above discussion, a main characteristic of the bank-lending view and the balance sheet view is that the supply schedule of bank loans shifts left following a monetar[r] ... See full document

... By using a Digitised Thesis, I accept that Trinity College Dublin bears no legal responsibility for the accuracy, legality or comprehensiveness of materials contained within the thesis, and that Trinity College Dublin ... See full document

... cautiously. As required, Fry (1976) specifies the empirical model from the two main assumptions of stable demand functions for Afghanistan and the U.S and that the PPP condition holds between Afghanistan and the U.S. He ... See full document

... in monetary policy analysis and its consequences for policy making, as in chap- ter ...for monetary policy may be ...make monetary policy making radically different from ... See full document

... Thus, through changes in uncertainty, learning gives rise to a multiplier effect that amplifies business cycles.. I calibrate the model to measure the size of this uncertainty multiplier[r] ... See full document

... Historically, use of the loan-to-value (LTV) ratio has been most common in terms of macro- prudential tools for the housing market. This has been used in particular in Asian and Eastern European countries (Borio and Shim ... See full document

... optimal monetary policy strategy) improve on risk-sharing and increase welfare from an ex-ante ...of monetary policy to steer the nominal exchange rate and inflation in potentially different ... See full document

... use policy under commitment, which means that there will no longer be monetary policy ...in monetary policy shocks be- cause while a Taylor rule is a reasonable approximation to the ... See full document

... Given this assumption, we limit the number of state variables to five (TFP, government consumption, discount factor shock, transfers, monetary policy shock) and the number of numerically determined control ... See full document

... With the end of my term approaching, I have given considerable thought to whether I should be a candidate for re-appointment. I have come to the conclusion that both the appearance and the substance of independence of ... See full document

... Chapter 1 develops a new framework of level-k DSGE for monetary policy analysis. Incom- plete markets are introduced to guarantee the eductive stability of the equilibrium. k=1.334 is estimated using growth ... See full document

... two essays concerning Monetary Theory and ..."Monetary Policy and Asset Prices", develops a dynamic model in which money and a financial asset compete as media of ... See full document

... location in recessions, they do not have implications for the cyclicality of the relative price of used capital. In contrast, my theory of capital specificity is able to explain both dynamics in prices and quantities ... See full document

... Academia has also moved toward incorporating this more timely information into formal econometric forecasting models. Two seminal papers (Evans, 2005, and Giannone et al., 2006) have modeled, within the same statistical ... See full document