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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


Understanding Global Crises: An Emerging Paradigm

Assaf Razin

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.001.0001
Subject:
Economics and Finance, International

This book aims at parsing and explaining some key forces that feature in every one of the global and regional financial crises and monetary crises that erupted in the world economy over the past ... 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


Animal Spirits, Persistent Unemployment, and the Belief Function

Roger E. A. Farmer

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the persistence of unemployment by drawing from John Maynard Keynes' two central ideas. The first idea is that any unemployment rate can persist as an equilibrium. The second is ... More


The New Keynesian School

Edmund S. Phelps

in Seven Schools of Macroeconomic Thought

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283331
eISBN:
9780191596766
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283334.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter gives a review of the development and theory of the New Keynesian school of macroeconomics. New Keynesian refers to a group of theorists who have sought a new wage–price model, or supply ... More


New Keynesian Economics

Lutz G. Arnold

in Business Cycle Theory

Published in print:
2002
Published Online:
October 2011
ISBN:
9780199256815
eISBN:
9780191698385
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199256815.003.0006
Subject:
Economics and Finance, Financial Economics

This chapter presents a real RBC-style model in which the interplay of real rigidities in the markets for credit and labor causes fluctuations. It also examines similar ideas in a monetarist-style ... 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


Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis

Toshiaki Hirai, Maria Cristina Marcuzzo, and Perry Mehrling (eds)

Published in print:
2013
Published Online:
May 2013
ISBN:
9780198092117
eISBN:
9780199082506
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198092117.001.0001
Subject:
Economics and Finance, History of Economic Thought

The global financial crisis, which began in August 2007 and continues with no end in sight, has thrown macroeconomics into turmoil. The central purpose of this book is to suggest an alternative road ... More


Policy Response to External Shocks: Lessons from the Crisis

Carlos Capistrán, Gabriel Cuadra, and Manuel Ramos-Francia

in The Great Recession: Lessons for Central Bankers

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018340
eISBN:
9780262305921
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018340.003.0009
Subject:
Economics and Finance, Financial Economics

Emerging economies have been subject to abrupt reversals in capital flows, which have adverse consequences for economic activity and financial stability. An important question for policymakers is how ... More


A legacy lost

Michael Peneder and Andreas Resch

in Schumpeter's Venture Money

Published in print:
2021
Published Online:
February 2021
ISBN:
9780198804383
eISBN:
9780191842726
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198804383.003.0011
Subject:
Business and Management, Finance, Accounting, and Banking

The final Part IV attends Schumpeter’s legacy. To begin with, this chapter examines how his monetary ideas got left behind during his lifetime and the subsequent decades. First, it addresses the ... More


Inflation Expectations, Uncertainty, the Phillips Curve, and Monetary Policy

Christopher A. Sims

in Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262013635
eISBN:
9780262258784
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013635.003.0009
Subject:
Economics and Finance, Econometrics

This chapter traces how the treatment of inflation expectations in the Phillips curve framework has evolved over time. The discussion includes the New Keynesian Phillips curve, ... More


Price-Setting and Information Frictions

Harold L. Cole

in Monetary and Fiscal Policy through a DSGE Lens

Published in print:
2020
Published Online:
April 2020
ISBN:
9780190076030
eISBN:
9780190076078
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190076030.003.0010
Subject:
Economics and Finance, Econometrics, Macro- and Monetary Economics

This chapters shows how to construct a New Keynesian by changing the timing of monetary injections and imposing an information friction. We show the model implies an expectational Phillips Curve. We ... 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


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


The IMF, Economic Schools of Thought, and Their Normative Underpinnings

Ben Clift

in The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198813088
eISBN:
9780191851070
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198813088.003.0003
Subject:
Political Science, Political Economy

This chapter places the IMF’s recent and longer-term evolution within the context of evolving prevailing approaches in economics on macroeconomic and fiscal policy. It outlines briefly the ... More


Milton Friedman’s Methodology, Macroeconomics, and the Great Recession

Patrick Minford

in Milton Friedman: Contributions to Economics and Public Policy

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198704324
eISBN:
9780191773761
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704324.003.0030
Subject:
Economics and Finance, Economic History, Macro- and Monetary Economics

Friedman’s “as if ” methodology has been widely accepted by economists, at least in principle, and he himself followed it in his own work on macroeconomics. His methodological principles have, ... More


Modelling Monetary Policy: A Brief Overview

Juan Antonio Morales and Paul Reding

in Monetary Policy in Low Financial Development Countries

Published in print:
2021
Published Online:
August 2021
ISBN:
9780198854715
eISBN:
9780191888915
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198854715.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This last chapter deals with the toolbox that central banks use to design and implement their monetary policy strategy. Central banks develop various types of model, both for forecasting and for ... More


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