Advances in Monetary Policy and Macroeconomics by P. Arestis, G. Zezza PDF

By P. Arestis, G. Zezza

ISBN-10: 0230004946

ISBN-13: 9780230004948

There were vital advances in financial economics and macroeconomics lately. In macroeconomics there was the paramount improvement of the hot Consensus Macroeconomics besides major coverage implications, thereby giving upward thrust to the thought of latest financial coverage. This booklet bargains with the foremost features of those advancements and additional ones similar to funds, credits and the company cycle. including to the research are advancements that target matters for open and spatial macroeconomics.

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E. ), The Collected Writings of John Maynard Keynes. London: Macmillan, 1987, vol. XIV. M. E. ), The Collected Writings of John Maynard Keynes, London: Macmillan, 1973, vol. VIII. G. I. Plosser (1984) ‘Money, Credit and Prices in a Real Business Cycle’, American Economic Review, 74, 363–80. W. (1984) ‘Macro Effects of Interest-Sensitive Aggregate Supply’, Journal of Macroeconomics, 6, 43–56. Morelli, P. B. Pittaluga (1997) ‘Le sofferenze bancarie: tendenze e previsione’. Mimeo, Centro di Economia Monetaria e Finanziaria “Paolo Baffi” ’, Milan.

While NKPC are usually written as πt = f (Et πt+1 ), we can make the hypothesis that πt = f (Et−1 πt+1 ). We build this new forecast series by imposing coefficient of current variable in the 6-VAR and in the AR process to be equal to zero. 3 Endogeneity bias Another improvement of the basic NKPC estimates is to wonder if the current driving variable creates some endogeneity bias. To overlook a fallacy in estimating NKPC with standard OLS techniques, one might prefer estimate a simultaneous equation as proposed by Bardsen, Jansen and Nymoen (2002): πt = f (Et πt+1 , yt ) + ut yt = a0 yt−1 + a1 πt−1 + vt The first equation represents the NKPC and the second is an IS curve.

This modification seems to improve the Calvo specification with the 6-VAR, confirming the results of Galí and Gertler (1999), but it does not provide significant results for the Taylor specification. The use of marginal cost is not a guarantee of empirical success for the NKPC. Row 2 gives the result of the NKPC with lagged expectations. Concerning the Taylor specification, the coefficients are significant. The general conclusion of the previous section remains verified: the φ coefficient is not different from 0 with the most sophisticated expectation, while it appears positive under simpler forecasts.

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Advances in Monetary Policy and Macroeconomics by P. Arestis, G. Zezza

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