2018年9月1日 · It is argued here that policy is transmitted via two distinct types of agents – those that are and that are not liquidity-constrained. The implication is that both interest rate and monetary...

4 天之前 · This paper implements a model with a population of heterogeneous macro forecasters. Their objectives are to forecast output and inflation, both inputs in standard New Keynesian macro models. The model is implemented by first calibrating …

In particular, I am going to study a Two-Agent New Keynesian Model (TANK). This is different than the standard setup, which is often times called RANK (Representative Agent New Keynesian Model). In the TANK model, there are two types of households: the standard representative

2019年6月1日 · Lower risk aversion of capitalists strengthens and lengthens the procyclicality of leverage, leading to a lower decrease of savers’ income and consumption. Whilst stricter regulatory requirements are favourable to savers, a tougher inflation targeting is unfavourable to …

2023年6月2日 · We investigate the influence of regulatory policies on inflationary dynamics resulting from three exogenous shocks, calibrated on those that followed the COVID-19 pandemic: a production/consumption shock due to COVID-related lockdowns, a supply-chain shock, and an energy price shock exacerbated by the Russian invasion of Ukraine.

A dynamic inflation target implements the full-information commitment allocation. The central bank is delegated the authority to adjust the target's level and flexibility one period in advance. A declining natural interest rate and a flattening Phillips …

2021年5月12日 · From March to April, the consumer price index rose by 0.8%. If we annualize this month-over-month number, we are looking at a trajectory of double-digit annual inflation. Sure, the Fed will...

We show that in markets with few issuers, such as markets for structured assets, these incentives may lead rating agencies to inflate ratings as a strategic tool to form a "double reputation". The model extends the existing literature on "cheap-talk" reputation to the case of two audiences.

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As a means of decoupling the large and small scales we propose double inflation (i.e., two episodes of inflation). In this scenario the spectrum on large scales is determined by the first episode of inflation and those on small scales by a second episode of inflation. We present three models for such a scenario.