Abstract: In the framework of a Keynesian monetary macro model we study implications of kinked Phillips curves and alternative monetary policy rules. As alternative monetary policy rules we consider monetary growth targeting and interest rate targeting (the Taylor rule). Our monetary macro model ex-hibits: asset market clearing, disequilibrium in product and labor markets, sluggish price and quantity adjustments, two Phillips-Curves for wage and price dynamics, and a combination of medium-run adaptive and short-run forward looking expectations. Simulations of the model with our estimated parameters reveal global instability of its steady state. We show that mone-tary policy can stabilize the dynamics to some extent and that, in addition, an...
This paper employs a standard new Keynesian model to compute the inflation/output volatility frontie...
We investigate an open economy monetary growth model with sluggish price and quantity adjustments. I...
We analyze the microfoundations of the Phillips curve and the close links between that relationship ...
We reformulate the traditional AS-AD growth model, with a Taylor policy rule replacing the conventio...
There is by now a large consensus in modern monetary policy. This consensus has been built upon a d...
In this paper we formulate a baseline disequilibrium AS-AD model and em-pirically estimate it with t...
There is by now a large consensus in modern monetary policy. This consensus has been built upon a dy...
Estimates of the effect of different international monetary regimes on the parameters of the Phillip...
The recent literature on monetary policy has questioned the shape of the Phillips curve and the assu...
We reformulate the traditional AS-AD growth model of the Neoclassical Synthesis (stage I) with a Tay...
Alternative Monetary Policy Rules and the Specification of the Phillips Curve: A Comparison of Nomin...
In this paper we extend an integrated closed-economy macrodynamic model to account for a large open ...
In this paper we extend an integrated closed-economy macrodynamic model to account for a large open ...
We analyze the microfoundations of the Phillips curve and the close links between that relationship ...
We analyze the microfoundations of the Phillips curve and the close links between that relationship ...
This paper employs a standard new Keynesian model to compute the inflation/output volatility frontie...
We investigate an open economy monetary growth model with sluggish price and quantity adjustments. I...
We analyze the microfoundations of the Phillips curve and the close links between that relationship ...
We reformulate the traditional AS-AD growth model, with a Taylor policy rule replacing the conventio...
There is by now a large consensus in modern monetary policy. This consensus has been built upon a d...
In this paper we formulate a baseline disequilibrium AS-AD model and em-pirically estimate it with t...
There is by now a large consensus in modern monetary policy. This consensus has been built upon a dy...
Estimates of the effect of different international monetary regimes on the parameters of the Phillip...
The recent literature on monetary policy has questioned the shape of the Phillips curve and the assu...
We reformulate the traditional AS-AD growth model of the Neoclassical Synthesis (stage I) with a Tay...
Alternative Monetary Policy Rules and the Specification of the Phillips Curve: A Comparison of Nomin...
In this paper we extend an integrated closed-economy macrodynamic model to account for a large open ...
In this paper we extend an integrated closed-economy macrodynamic model to account for a large open ...
We analyze the microfoundations of the Phillips curve and the close links between that relationship ...
We analyze the microfoundations of the Phillips curve and the close links between that relationship ...
This paper employs a standard new Keynesian model to compute the inflation/output volatility frontie...
We investigate an open economy monetary growth model with sluggish price and quantity adjustments. I...
We analyze the microfoundations of the Phillips curve and the close links between that relationship ...