Arbeitspapier
Monetary Policy, Rule-of-Thumb Consumers and External Habits: A G7 Comparison
This paper extends the standard New Keynesian dynamic stochastic general equilibrium (DSGE) model to agents who cannot smooth consumption (i.e. spenders) and are affected by external consumption habits. Although these assumptions are not new, their joint consideration strongly affects some theoretical and empirical results addressed by the recent literature. By deriving closed-form solutions, we identify different demand regimes and show that they are characterized by specific features regarding dynamic stability and monetary policy effectiveness. We also evaluate our model by stochastic simulations obtained from the Bayesian parameters estimates for the G7 economies. From posterior impulse responses we address the empirical relevance of the different regimes and provide comparative evidence on the heterogeneity of monetary policy effects among countries.
- Sprache
-
Englisch
- Erschienen in
-
Series: Quaderni di Dipartimento ; No. 101
- Klassifikation
-
Wirtschaft
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
- Thema
-
Rule-of-thumb
habits
monetary policy transmission
determinacy
New Keynesian DSGE model
monetary policy
Monte Carlo Bayesian estimators
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Di Bartolomeo, Giovanni
Rossi, Lorenza
Tancioni, Massimiliano
- Ereignis
-
Veröffentlichung
- (wer)
-
Università degli Studi di Pavia, Dipartimento di Economia Politica e Metodi Quantitativi (EPMQ)
- (wo)
-
Pavia
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
2025-03-10T11:45:51+0100
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Di Bartolomeo, Giovanni
- Rossi, Lorenza
- Tancioni, Massimiliano
- Università degli Studi di Pavia, Dipartimento di Economia Politica e Metodi Quantitativi (EPMQ)
Entstanden
- 2009
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