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Shocks and Frictions in U.S. Business Cycles: A Bayesian DSGE Approach
Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of realExpand
An estimated dynamic stochastic general equilibrium model of the euro area. NBB Working Paper Nr. 35
This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habitExpand
Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of realExpand
An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area
This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habitExpand
An Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area
This paper, first, 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 asExpand
On the Fit of New Keynesian Models
This article provides new tools for the evaluation of dynamic stochastic general equilibrium (DSGE) models and applies them to a large-scale new Keynesian model. We approximate the DSGE model by aExpand
Comparing Shocks and Frictions in Us and Euro Area Business Cycles: A Bayesian DSGE Approach
This paper estimates a DSGE model with many types of shocks and frictions for both the US and the euro area economy over a common sample period (1974-2002). The structural estimation methodologyExpand
On the Fit and Forecasting Performance of New Keynesian Models
The paper provides new tools for the evaluation of DSGE models and applies them to a large-scale New Keynesian dynamic stochastic general equilibrium (DSGE) model with price and wage stickiness andExpand
Unemployment in an Estimated New Keynesian Model
We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Gali (2011a,b). We estimate the resulting model using postwar U.S. data, while treating theExpand
Openness, imperfect exchange rate pass-through and monetary policy☆
This paper analyses the implications of imperfect exchange rate pass-through for optimal monetary policy in a linearised open-economy dynamic general equilibrium model calibrated to euro area data.Expand
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