n recent years, there has been a significant evolution in the formulation and communication of monetary policy at a number of central banks around the world. Many of these banks now present their economic outlook and policy strategies to the public in a more formal way, a process accompanied by the introduction of modern analytical tools and advanced econometric methods in forecasting and polic...

Central questions raised by recent experience are “why do housing prices fluctuate?” and “what should central banks do about it?” For member states of a currency union, such as Spain or Texas, independent monetary policy cannot be conducted, so that it is important to inquire whether fluctuating housing prices make currency union participation undesirable. In this timely paper, Oriol Aspachs-Br...

The objectives of this study is to investigate the responses of livestock economic variables (namely, output, consumption, prices, labor and capital) to changes in agricultural productivity, monetary, oil revenue and government spending (fiscal policy). To do so, a Dynamic Stochastic General Equilibrium (DSGE) model is constructed for Iran economy disaggregating livestock. Accordingly, the empi...

In the aftermath of COVID-19 pandemic, dramatic increase in maritime transport costs might potentially exert detrimental impacts on macroeconomy, especially for countries that heavily rely international trade their consumption and production activities. Our study employs a small open economy DSGE (Dynamic Stochastic General Equilibrium) model to analyze impact South Korean where are considered ...

The VAR/SVAR (Vector Autoregressive and Structural Vector Autoregressive) models are the cornerstone of contemporaneous empirical macroeconomic research, in particular for being able to measure impact fiscal policy shocks. They may be employed as atheoretical models, well a mean support estimation testing DSGE (Dynamic Stochastic General Equilibrium) – main theoretical tool modern macroeconomic...

We present a dynamic stochastic general equilibrium (DSGE) model in which resource-rich government allocates its excess resource rents between stabilization fund and the facilitation of costly domestic fund-raising activities sovereign wealth funds (SWF), holds portfolio government-linked companies (GLCs). Despite being less productive efficient, GLCs' operation benefits from scale economies ti...