Zobrazeno 1 - 10
of 15
pro vyhledávání: '"Lutz Weinke"'
Publikováno v:
The B.E. Journal of Macroeconomics. 20
Once New Keynesian (NK) theory is combined with a standard model of lumpy investment, the resulting framework loses its ability to generate a realistic monetary transmission mechanism. This is the puzzle uncovered in Reiter, Sveen, and Weinke [Reiter
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::452f9e410ff3e462f045fec274517d5b
https://doi.org/10.1515/bejm-2018-0010
https://doi.org/10.1515/bejm-2018-0010
Publikováno v:
SSRN Electronic Journal.
Canova et al. [Canova, F., J. D. López-Salido, and C. Michelacci. 2010. “The Effects of Technology Shocks on Hours and Output: A Robustness Analysis.” Journal of Applied Econometrics 25: 755–773; Canova, F., J. D. López-Salido, and C. Michela
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::0aa445a4f3f52a53bb0b1b914de72ed9
https://doi.org/10.2139/ssrn.3334892
https://doi.org/10.2139/ssrn.3334892
Publikováno v:
Journal of Monetary Economics. 60:821-834
The lumpy nature of plant-level investment is generally not taken into account in the context of New Keynesian monetary theory (see, e.g., Christiano et al., 2005 , Woodford, 2005 ). Our main result shows that if this theory is augmented by a standar
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::b17eec0fc32025717857d71909a6ff3e
https://doi.org/10.1016/j.jmoneco.2013.08.003
https://doi.org/10.1016/j.jmoneco.2013.08.003
Autor:
Lutz Weinke, Tommy Sveen
Publikováno v:
Journal of Monetary Economics. 56:1096-1100
We demonstrate that the presence of an empirically plausible labor adjustment decision at the firm level rationalizes strategic complementarities in price-setting which help explain inflation dynamics. Those strategic complementarities are typically
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::6f1394c59cb426beffbb420c017d3967
https://doi.org/10.1016/j.jmoneco.2009.10.006
https://doi.org/10.1016/j.jmoneco.2009.10.006
Autor:
Tommy Sveen, Lutz Weinke
Publikováno v:
International Journal of Central Banking. 5(2):147-179
What are the consequences for monetary policy design implied by the fact that price setting and investment typically take place simultaneously at the firm level? To address this question we analyze simple (constrained) optimal interest rate rules in
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=od_______645::e14a2d1f36ee287cdceb42df0a979232
http://www.ijcb.org/journal/ijcb09q2a5.pdf
http://www.ijcb.org/journal/ijcb09q2a5.pdf
Autor:
Tommy Sveen, Lutz Weinke
Publikováno v:
Journal of Monetary Economics. 55:921-930
We find that demand shocks play an important role for business-cycle fluctuations in unemployment and job vacancies. The reason is that those shocks give a strong incentive to demand-constrained firms to adjust production and thereby labor input. Fur
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::15bff074b4537bb201a579024ed714d3
https://doi.org/10.1016/j.jmoneco.2008.04.001
https://doi.org/10.1016/j.jmoneco.2008.04.001
Autor:
Tommy Sveen, Lutz Weinke
Publikováno v:
Journal of Economic Theory. 136:729-737
In the presence of firm-specific capital the Taylor principle can generate multiple equilibria. Sveen and Weinke [New perspectives on capital, sticky prices, and the Taylor principle, J. Econ. Theory 123 (2005) 21–39] obtain that result in the cont
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::78be49ec5e33dabaa327f30c7b429b4c
https://doi.org/10.1016/j.jet.2006.06.003
https://doi.org/10.1016/j.jet.2006.06.003
Autor:
Lutz Weinke, Tommy Sveen
Publikováno v:
Journal of Monetary Economics. 54:23-36
Smoothness in aggregate capital accumulation is a necessary condition for New-Keynesian (NK) models to imply a quantitatively relevant monetary transmission mechanism (see, e.g., [Woodford, 2005. Firm-specific capital and the new Keynesian Phillips c
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::98e9d1d93aae07f80b479b6c5d81274b
https://doi.org/10.1016/j.jmoneco.2007.06.016
https://doi.org/10.1016/j.jmoneco.2007.06.016
Autor:
Lutz Weinke, Tommy Sveen
Publikováno v:
Journal of Economic Theory. 123:21-39
Our main result is that dynamic new-Keynesian (DNK) models with firm-specific capital feature a substantial amount of endogenous price stickiness. We use this insight to assess the desirability of alternative interest rate rules, and make the case fo
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::08514e1ff6fcd177398c1d581021bb9a
https://doi.org/10.1016/j.jet.2005.02.002
https://doi.org/10.1016/j.jet.2005.02.002
Autor:
Tommy Sveen, Lutz Weinke
Publikováno v:
SSRN Electronic Journal.
The Taylor Principle is often used to explain macroeconomic stability (see, e.g., Clarida et al. 2000). The reason is that this simple principle guarantees determinacy, i.e., local uniqueness of rational expectations equilibrium, in many New Keynesia
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::eaa68311875542b56c9732e7f4c64784
https://doi.org/10.2139/ssrn.1636721
https://doi.org/10.2139/ssrn.1636721