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Introduction

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0001
Subject:
Economics and Finance, Econometrics

This chapter introduces the long-run structural approach to modelling. It makes brief comparisons with the key alternative approaches, namely large-scale simultaneous equation models, unrestricted ... More


Policy Lessons and Directions for Ongoing Research

Vítor Gaspar, Andrew Levin, Fernando Martins, and Frank Smets

in Pricing Decisions in the Euro Area: How Firms Set Prices and Why

Published in print:
2007
Published Online:
September 2007
ISBN:
9780195309287
eISBN:
9780199783939
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195309287.003.0016
Subject:
Economics and Finance, Econometrics

Understanding the features and the determinants of individual price setting behavior is important for the formulation of monetary policy. These behavioral mechanisms play a fundamental role in ... More


Keynes, Hayek, and the Wicksell Connection

Tyler Beck Goodspeed

in Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199846658
eISBN:
9780199950126
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199846658.003.0006
Subject:
Economics and Finance, Economic Systems

The chapter concludes by introducing the standard “New Keynesian” dynamic stochastic equilibrium model, emphasizing the ways in which it departs from the Wicksell-Keynes-Hayek connection. In ... More


Three Applications

Edward P. Herbst and Frank Schorfheide

in Bayesian Estimation of DSGE Models

Published in print:
2015
Published Online:
October 2017
ISBN:
9780691161082
eISBN:
9781400873739
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691161082.003.0006
Subject:
Economics and Finance, Econometrics

This chapter modifies the baseline DSGE model in three dimensions. First, it replaces the AR processes for technology growth and government spending by a VAR process, generalizing the law of motion ... More


From Linear to Nonlinear DSGE Models

Edward P. Herbst and Frank Schorfheide

in Bayesian Estimation of DSGE Models

Published in print:
2015
Published Online:
October 2017
ISBN:
9780691161082
eISBN:
9781400873739
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691161082.003.0007
Subject:
Economics and Finance, Econometrics

This chapter presents computational techniques that can be used to estimate DSGE models that have been solved with nonlinear techniques, such as higher-order perturbation methods or projection ... More


Modelling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New Keynesian Framework

Jaromir Benes, Andrew Berg, Rafael Portillo, and David Vavra

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

The authors study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analysing their implications for inflation, output and the exchange rate in the presence of ... More


On the First-Round Effects of International Food Price Shocks

Rafael Portillo and Luis-Felipe Zanna

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

The chapter presents a small open-economy model to study the first-round effects of international food-price shocks in developing countries. First-round shocks are defined as changes in headline ... More


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