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Risky habits: on risk sharing, habit formation, and the interpretation of international consumption correlations
In: NBER working paper series 6735
Intrinsic Expectations Persistence: Evidence from Professional and Household Survey Expectations
In: FRB of Boston Working Paper No. 18-9
SSRN
Working paper
Special issue comment on optimal price setting and inflation inertia in a rational expectations model
In: Journal of economic dynamics & control, Band 32, Heft 8, S. 2536-2542
ISSN: 0165-1889
Habit Formation in Consumption and Its Implications for Monetary-Policy Models
In: American economic review, Band 90, Heft 3, S. 367-390
ISSN: 1944-7981
This paper explores a monetary-policy model with habit formation for consumers, in which consumers' utility depends in part on current consumption relative to past consumption. The empirical tests developed in the paper show that one can reject the hypothesis of no habit formation with tremendous confidence, largely because the habit-formation model captures the gradual hump-shaped response of real spending to various shocks. The paper then embeds the habit-consumption specification in a monetary-policy model and finds that the responses of both spending and inflation to monetary-policy actions are significantly improved by this modification. (JEL D12, E52, E43)
Towards a compact, empirically-verified rational expectations model for monetary policy analysis
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 47, S. 197-230
ISSN: 0167-2231
A semi-classical model of price-level adjustment a comment
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 41, S. 285-294
ISSN: 0167-2231
Estimation of time-varying weights on alternative expectations models
In: Journal of economic dynamics & control, Band 12, Heft 1, S. 55-61
ISSN: 0165-1889
Dynamic Inconsistencies: Counterfactual Implications of a Class of Rational-Expectations Models
In: American economic review, Band 92, Heft 4, S. 1013-1028
ISSN: 1944-7981
Learning about monetary regime shifts in an overlapping wage contract model
In: Journal of economic dynamics & control, Band 17, Heft 4, S. 531-553
ISSN: 0165-1889
Estimating the Euler equation for output
In: Journal of monetary economics, Band 51, Heft 6, S. 1133-1153
SSRN
Estimating the linear-quadratic inventory model maximum likelihood versus generalized method of moments
In: Journal of Monetary Economics, Band 35, Heft 1, S. 115-157