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AN ESTIMATED STOCHASTIC DYNAMIC GENERAL EQUILIBRIUM MODEL OF THE EURO AREA
, 2002
"... This paper develops and estimates a stochastic dynamic general equilibrium (SDGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is estimate ..."
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Cited by 363 (11 self)
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This paper develops and estimates a stochastic dynamic general equilibrium (SDGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation
Solving Dynamic General Equilibrium Models Using a Second-Order Approximation to the Policy Function
, 2002
"... ..."
Robustness of Rational Expectations in Dynamic General Equilibrium Model
"... Abstract We consider a one sector dynamic general equilibrium model with possibility that a consumer does not know about a future economy. If a consumer updates his forecast by learning, we show that even a rough expectation can maintain stability of a steady state though a learning process does no ..."
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Abstract We consider a one sector dynamic general equilibrium model with possibility that a consumer does not know about a future economy. If a consumer updates his forecast by learning, we show that even a rough expectation can maintain stability of a steady state though a learning process does
THE DYNAMIC GENERAL EQUILIBRIUM IN THE ITALIAN PARETIAN SCHOOL
, 2008
"... “MARCO FANNO ” WORKING PAPER N.69The dynamic general equilibrium in the Italian Paretian School * The paper examines the theoretical contributions of two eminent representatives of the Italian Paretian School, namely Luigi Amoroso and Giulio La Volpe. Both contributed to the most ambitious project u ..."
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“MARCO FANNO ” WORKING PAPER N.69The dynamic general equilibrium in the Italian Paretian School * The paper examines the theoretical contributions of two eminent representatives of the Italian Paretian School, namely Luigi Amoroso and Giulio La Volpe. Both contributed to the most ambitious project
Chapter 5 Applied Dynamic General Equilibrium Models
"... M2-PPD, M2-APE, 2009-10The need for a dynamic perspective in evaluating policies • Most macro-economic shocks and policies trigger responses that are essentialy dynamic – Agents anticipate future changes in their economic environment and adapt on the basis of these anticipations – The timing of thes ..."
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of these adjustments is important for evaluation purposes • All policies that imply behavioral responses affecting savings and investment need to be evaluated within such frameworkTypes of dynamic general equilibrium models • Sequentially dynamic general equilibrium models – Static models are applied in a sequence
Banking panics in a dynamic general equilibrium framework
, 2007
"... Historically banking panics have been associated with price declines in the United States. In his ”Debt-Deflation theory of the Great Depression ” Fisher hypothesized that banking panics were a consequence of mismatched balance sheets, with the mismatch arising from having liabilities at book value ..."
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and asset at market value. This paper develops a dynamic general equilibrium model of banks that can be used to analyze Fishers hypothesis. The mechanism at work is a dynamic interaction between depositors and banks based off beliefs about other players ’ future strategies. If banks fear prices to fall
The simplest dynamic general-equilibrium model of an open economy
- Journal of Policy Modeling
, 1998
"... This paper presents the simplest possible general-equilibrium model of an open economy in which producer and consumer decisions are both intra- and intertemporally consistent. Consumers maximize the present value of the utility of consumption; producers maximize the present value of profits. The mod ..."
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Cited by 15 (3 self)
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This paper presents the simplest possible general-equilibrium model of an open economy in which producer and consumer decisions are both intra- and intertemporally consistent. Consumers maximize the present value of the utility of consumption; producers maximize the present value of profits
Stochastic taxation and asset pricing in dynamic general equilibrium
- Journal of Economic Dynamics & Control
, 2006
"... helpful comments on earlier drafts. All errors are mine. Financial support by the Kapnick Foundation and ..."
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Cited by 15 (2 self)
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helpful comments on earlier drafts. All errors are mine. Financial support by the Kapnick Foundation and
Two-fund separation in dynamic general equilibrium, manuscript
, 2005
"... Abstract. The purpose of this paper is to examine the two-fund separation paradigm in the context of an infinite-horizon general equilibrium model with dynamically complete markets and heterogeneous consumers with time and state separable utility functions. With the exception of the dynamic structur ..."
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Cited by 2 (1 self)
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Abstract. The purpose of this paper is to examine the two-fund separation paradigm in the context of an infinite-horizon general equilibrium model with dynamically complete markets and heterogeneous consumers with time and state separable utility functions. With the exception of the dynamic
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