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pro vyhledávání: '"David Vestin"'
Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. The first lecture highlights the limi
Autor:
Giovanni Lombardo, David Vestin
Publikováno v:
Economics Letters. 100:275-279
This paper compares the welfare implications of two widely used pricing assumptions in the New-Keynesian literature: Calvo-pricing vs. Rotemberg-pricing. We show that despite the strong similarities between the two assumptions to a first order of app
Autor:
David Vestin
Publikováno v:
Journal of Monetary Economics. 53:1361-1376
This paper shows that price-level targeting outperforms inflation targeting in the standard New-Keynesian model, under the assumption that the central bank is forced to operate in an environment characterized by discretion. In the benchmark case, wit
Publikováno v:
Macroeconomic Dynamics. 10:207-229
Progress in stochastic macroeconomic modeling justifies revisiting Milton Friedman's program on the relation between macroeconomic stability and active stabilization policies. In the lecture, we use a standard new Keynesian model but depart from rati
Publikováno v:
Journal of Econometrics. 131:405-444
We construct and estimate a tractable model of macroeconomic and yield curve dynamics. Bond yields are affine in the state variables of a forward-looking macromodel, and are derived assuming absence of arbitrage opportunities. Our approach allows us
Autor:
Marianne Nessén, David Vestin
Publikováno v:
Journal of Money, Credit, and Banking. 37:837-863
The analysis of this paper demonstrates that when the Phillips curve has forward-looking components, a goal for average inflation—i.e., targeting a j-period average of one-period inflation rates—will cause inflation expectations to change in a wa
This chapter investigates the implications of adaptive learning in the private sector's formation of inflation expectations for the conduct of monetary policy. We first review the literature that studies the implications of adaptive learning processe
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::b5f72c1e42ba5e5395c806bd439eb2a0
https://doi.org/10.1016/b978-0-444-53454-5.00007-4
https://doi.org/10.1016/b978-0-444-53454-5.00007-4
In the paper, we provide a critical and selective survey of arguments relevant for the assessment of the case for price level path stability (PLPS). Using a standard hybrid new Keynesian model we argue that price level stability provides a natural fr
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::f5e95802deebefa4758c3c7d596301c3
http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp818.pdf
http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp818.pdf
Autor:
Giovanni Lombardo, David Vestin
This paper compares the welfare implications of two widely used pricing assumptions in the New-Keynesian literature: Calvo-pricing vs. Rotemberg-pricing. We show that despite the strong similarities between the two assumptions to a first order of app
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::1666d0764e485e085a681bc23e2a04a5
http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp770.pdf
http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp770.pdf