1,721,166 research outputs found
Lerning by Doing vs Learning by Researching in a Model of Climate Change Policy Analysis
No full textMost of the predictions and conclusions in the climate change literature have been made and drawn on the basis of theoretical analyses and quantitative models that assume exogenous technological change. How do these predictions and conclusions change if we
endogenize technical progress? In this paper we consider two different drivers of technological change–Research and Development (R&D) and Learning-by-Doing (LbD)–and we embed them into the popular Nordhaus and Yang’s RICE model. We then use the corresponding two model versions to simulate different policy scenarios and compare the results focusing on consumption, physical capital, emissions abatement rates, and R&D expenditures. Our findings suggest that R&D-driven and LbD-driven technologies lead to quite similar dynamic patterns of the relevant variables we analyze. However, the greater flexibility enjoyed by agents who are able to optimally choose R&D expenditures seems to imply more welfare relative to the LbD case
Stock Market Conditions and Monetary Policy in a DSGE Model for the U.S.
Full text linkThis paper investigates the interactions between stock market fluctuations and monetary policy within a DSGE model for the U.S. economy. First, we design a framework in which fluctuations in households financial wealth are allowed but not necessarily required to exert an impact on current consumption. This is due to the interaction, in the financial markets, of long-time traders holding wealth accumulated over time with newcomers holding no wealth at all. Importantly, we introduce nominal wage stickiness to induce pro-cyclicality in real dividends. Additional nominal and real frictions are modeled to capture the pervasive macroeconomic persistence of the observables employed to estimate our model. We fit our model to post-WWII U.S. data, and report three main results. First, the data strongly support a significant role of stock prices in affecting real activity and the business cycle. Second, our estimates also identify a significant and counteractive response of the Fed to stock-price fluctuations. Third, we derive from our model a microfounded measure of financial slack, the "stock-price gap", which we then contrast to alternative ones, currently used in empirical studies, to assess the properties of the latter to capture the dynamic and cyclical implications of our DSGE model. The behavior of our "stock-price gap" is consistent with the episodes of stock-market booms and busts occurred in the post-WWII, as reported by independent analyses, and closely correlates with the current financial meltdown. Typically employed proxies of financial slack such as detrended log-indexes or growth rates show limited capabilities of capturing the implications of our model-consistent index of financial stress. Cyclical properties of the model as well as counterfactuals regarding shocks to our measure of financial slackness and monetary policy shocks are also proposed
Uncertainty shocks and unemployment dynamics in U.S. recessions
No full textAbstract not availableGiovanni Caggiano, Efrem Castelnuovo, Nicolas Groshenn
Learning by Doing vs Learning by Researching in a Model of Climate Change Policy Analysis
Full text linkMany predictions and conclusions in climate change literature have been made on the basis of theoretical analyses and quantitative models that assume exogenous technological change. One may wonder if those policy prescriptions hold in the more realistic case of endogenously evolving technologies. In previous work we modified a popular integrated assessment model to allow for an explicit role of the stock of knowledge which accumulates through R&D investment. In our formulation knowledge affects the output production technology and the emission-output ratio. In this paper we make progress in our efforts aimed to model the process of technological change. In keeping with recent theories of endogenous growth, we specify two ways in which knowledge accumulates: via a deliberate, optimally selected R&D decision or via experience, giving rise to Learning by Doing. We simulate the model under the two versions of endogenous technical change and look at the dynamics of a number of relevant variables.Climate Policy, Environmental Modeling, Integrated Assessment, Technical Change
La regola di Taylor e l'influenza della globalizzazione: il caso statunitense.
Full text linkopenPer consultare la versione cartacea, rivolgersi al Deposito di Legnaro: e-mail [email protected]; Per problemi con il full-text, rivolgersi alla biblioteca : e-mail [email protected]
La liquidita' globale aiuta le previsioni d'inflazione?
No full textopenPer consultare la versione cartacea, rivolgersi al Deposito di Legnaro: e-mail [email protected]; Per problemi con il full-text, rivolgersi alla biblioteca : e-mail [email protected]
Stabilità delle reazioni macroeconomiche usa ad uno shock di politica monetaria
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TAYLOR RULES AND INTEREST RATE SMOOTHING IN THE EURO AREA
No full textConventional wisdom suggests that central banks implement monetary policy in a gradual fashion. Some researchers claim that this gradualism is due to 'optimal cautiousness'; in contrast, Rudebusch (Journal of Monetary Economics, Vol. 49 (2002), pp. 1161-1187) states that the observed policy rate sluggishness is mainly due to serially correlated exogenous shocks. In this paper we use models in first differences to assess the 'endogenous' versus 'exogenous' gradualism hypothesis for the Euro area. Our results suggest that the joint formalization of the two hypotheses is likely to offer the best simple approximation of the Euro area monetary policy conduct. Copyright � 2007 The Author; Journal compilation � 2007 Blackwell Publishing Ltd and The University of Manchester.
Shock di politica monetaria, identificazione ricorsiva e modelli DNK:una verifica empirica per l'Europa
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"Il ruolo dello stress finanziario per la politica monetaria usa"
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