After the Great Recession several central banks started setting negative nominal interest rates in an expansionary attempt, but effectiveness of this measure remains unclear. Negative can stimulate economy by lowering that commercial charge on loans, they also erode bank profitability squeezing deposit spreads. This paper studies effects a new DSGE model where intermediate transmission monetary...

We document that government spending multipliers depend on the population age structure. Using variation in military and birth rates across US states, we show local fiscal multiplier is 1.5 increases with share of young people, implying 1.1–1.9 interquartile range. A parsimonious life cycle open economy New Keynesian model credit market imperfections age-specific differences labor supply demand...

The speci…cation of the accumulation function is critical for the properties and implications of structuralist and post-Keynesian models. A large Kaleckian literature assumes that investment is relatively insensitive to variations in the utilization rate of capital, and this extension of a standard short-run "Keynesian stability condition" to the long run has been defended by Lavoie and Dutt, a...

a Departament de Física i Enginyeria Nuclear, Universitat Politècnica de Catalunya, EUETIB, E-08036 Barcelona, Spain b Institut d’Estudis Espacials de Catalunya (IEEC), E-08034 Barcelona, Spain c Physik Department E12, Technische Universität München, D-85748 Garching, Germany d Maier-Leibnitz-Laboratorium der Münchner Universitäten (MLL), D-85748 Garching, Germany e Department of Physics, Centr...

M. Brodeur,* T. Brunner, S. Ettenauer, A. Lapierre, R. Ringle, B.A. Brown, D. Lunney, and J. Dilling TRIUMF, 4004 Wesbrook Mall, Vancouver, British Columbia V6T 2A3, Canada Department of Physics and Astronomy, University of British Columbia, Vancouver, British Columbia V6T 1Z1, Canada National Superconducting Cyclotron Laboratory, Michigan State University, East Lansing, Michigan 48824, USA Phy...

External capital inflow on a massive scale into the emerging market economies is a very significant phenomenon of recent years. Making distinctions between direct investment, real and financial, and portfolio investment and incorporating crowding in or crowding out effects we derive some results about the impact of higher inflow on output, investment and the exchange rare. A formula is suggeste...

F. Kun, H. A. Carmona, J. S. Andrade Jr., and H. J. Herrmann Department of Theoretical Physics, University of Debrecen, P. O. Box:5, H-4010 Debrecen, Hungary 2 Computational Physics, IfB, HIF, E12, ETH, Hönggerberg, 8093 Zürich, Switzerland 3 Centro de Ciências e Tecnologia, Universidade Estadual do Ceará, 60740-903 Fortaleza, Ceará, Brazil 4 Departamento de F́ısica, Universidade Federal do Cear...

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We build a model in which the Fed and market disagree about future aggregate demand. The anticipates monetary policy “mistakes,” affect current demand induce to partially accommodate market’s view. expects implement its view gradually. Announcements that reveal an unexpected change Fed’s belief provide microfoundation for shocks. Tantrum shocks arise when misinterprets overreacts announcement. ...