Konferenzbeitrag

Optimal Monetary Policy Responses to the Financial Crisis in the Context of a Macroeconomic Agent-Based Model with Dynamic Expectations

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Within the context of an agent-based macroeconomic model with dynamic bounded-rational expectations, the most important transmission links between the real sphere of the European economy and the US financial markets crises are simulated: (a) the devaluation of financial assets, (b) global interest rate changes, (c) the drop in US demand on the world markets, and (d) loss of confidence in banks, companies, and markets. Depending on the specification of the expectation formation process, optimal monetary policy reactions change significantly. We conclude, that expectations matter, even more for calculating optimal monetary policies that for simply simulating the model.

Sprache
Englisch

Erschienen in
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Monetary Policy Under Uncertainty ; No. C16-V2

Klassifikation
Wirtschaft
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Fiscal Policy
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
Thema
Agent-based economics
Mulit-agent models
monetary policy
fiscal policy
expectation formation

Ereignis
Geistige Schöpfung
(wer)
Haber, Gottfried
Ereignis
Veröffentlichung
(wer)
Verein für Socialpolitik
(wo)
Frankfurt a. M.
(wann)
2010

Handle
Letzte Aktualisierung
10.03.2025, 11:45 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
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Objekttyp

  • Konferenzbeitrag

Beteiligte

  • Haber, Gottfried
  • Verein für Socialpolitik

Entstanden

  • 2010

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