Browsing Working Papers by Subject "E5"

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Browsing Working Papers by Subject "E5"

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    Title: An Estimated DSGE Model of a Small Open Economy within the Monetary Union: Forecasting and structural analysis  Author(s): MARCELLINO, Massimiliano; RYCHALOVSKA, Yuliya Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI RSCAS Abstract: In this paper we lay out a two-region DSGE model of an open economy within the European Monetary Union. The model, which is built in the New Keynesian tradition, contains real and nominal rigidities such as habit formation ...
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    Title: Good Luck or Good Policy? An expectational theory of macro volatility switches  Author(s): GABALLO, Gaetano Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: In an otherwise unique-equilibrium model, agents are segmented into a few informational islands according to the signal they receive about others' expectations. Even if agents perfectly observe fundamentals, rational-exuberance ...
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    Title: Prudent Monetary Policy and Cautious Prediction of the Output Gap  Author(s): VAN DER PLOEG, Frederick Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: ABSTRACT Using the results of risk-adjusted linear-quadratic-Gaussian optimal control with perfect and imperfect observation of the economy, we obtain prudent Taylor rules for monetary policies and also allow for imperfect ...