Unemployment in an Estimated New Keynesian Model

The financial accelerator in an estimated New Keynesian model ✩

This paper estimates and simulates a sticky-price dynamic stochastic general-equilibrium model with a financial accelerator, à la Bernanke et al. [Bernanke, B., Gertler, M., Gilchrist, S., 1999. The financial accelerator in a quantitative business cycle framework. In: Handbook of Macroeconomics. North-Holland, Amsterdam], to assess the importance of the financial accelerator mechanism in fittin...

Money in a New-Keynesian model estimated with German data

In this paper we estimate a simple New-Keynesian DSGE model with German data for the sample period 1970:q1 to 1998:q4. Contrary to a number of recent similar papers estimated with US and euro-area data, we find that real money balances contribute significantly to the determination of inflation and of the dynamics of output. We estimate our model using a maximum likelihood technique under a full...

Keynesian Models of Unemployment

The New Keynesian Model

Unexpected Banking Loan Losses in an Estimated DSGE Model

  In spite of realizing more loss than expected and reserved provision in loaning process, some of our banks avoid recognizing the losses, through extension of the loan contracts and consequently do not shift the realized losses to their capital. With this in mind, the major objective of this study is to design a frame-work, through which we can explain the differences between the results of t...