عنوان کامل مقاله: Does inflation increase after a monetary policy tightening? Answers based on an estimated DSGE model
نویسندگان: Ioan Carabenciov, Igor Ermolaev,Charles Freedman, Michel Juillard, Ondra Kamenik, Dmitry Korshunov and Douglas Laxton
This is the first of a series of papers that are being written as part of a project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. In this paper, we estimate a small quarterly
projection model of the U.S. economy. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce both plausible dynamics and sensible forecasting properties. After developing a benchmark model without financial-real linkages, we
introduce such linkages into the model and compare the results with and without linkages.
JEL Classification: C51; E31; E52
Keywords: Macroeconomic Modeling; Bayesian Estimation; Monetary Policy
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