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Multicountry Time-Varying Taylor Rule: Modeling Unconventional Monetary Policies and Bond Premiums
In the post-financial-crisis era, advanced economies have increasingly adopted unconventional monetary policies such as zero interest rate policy,...
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Public Debt, Taylor Rules, and Inflation Dynamics in an Overlap** Generations Model
This chapter employs the discipline of the overlap** generations monetary framework originally developed by Marini and van der Ploeg (The Economic...
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Trade liberalization and growth: a quantile moderator for Hoyos’ (2021) replication study of Estevadeordal and Taylor (2013)
We examine whether Hoyos’ (Empir Econ, 2021) critical replication of Estevadeordal and Taylor (Rev Econ Stat 95(5):1669–1690, 2013) that dealt with...
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Old-Keynesianism in the New Keynesian Model
I investigate an ‘old Keynesian’ fiscal policy in which government spending endogenously responds to inflation and the output gap when the nominal...
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Some Unconventional Properties of New Keynesian DSGE Models
We examine the theoretical and numerical properties of a prototypical New Keynesian DSGE model featuring endogenous capital accumulation and labour...
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The legacy of Paul Volcker
Paul Volcker was a model public servant, not only his service as Fed Chair, but also in his work on international economic policy at the Treasury,...
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Economic and Social Changes and the Development of Organisational Theories
In this chapter, we analyse the economic and social changes and the development of organisational theories, such as Taylor and scientific management,...
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Monetary Response to Oil Price Shock in Asian Oil Importing Countries: Evaluation of Inflation Targeting Framework
Oil price shock can have serious inflation consequences and, therefore, elicit timely response from the Central Banks (CB). Our paper analyses the...
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Hendrik S. Houthakker (1924–2008)
Hendrik S. (Henk) ( Houthakker, H.S. (1955–1956). ‘The Pareto Distribution and the Cobb–Douglas Production Function in Activity Analysis’. Review of...
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Flexible Monetary Policy Rules from the Great Moderation to the New Normal Times (1993–2023): A Forward-Looking Review
The never-ending debate on the optimal money elasticity and predictability, coupled with the recent wishes of the major central banks to normalize...
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Merit first, need and equality second: hierarchies of justice
The question of “Justice” still divides social research, moral philosophy, and public discourse. Three principles of distributive justice (allocation...
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The Literature on Monetary Policy Implementation
This chapter discusses the literature on monetary policy implementation. First, it focuses on the recent debate about the outcome of the ongoing...
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Political Individualism
Political individualism refers to the protection of individual property rights, including those rights usually referred to as human rights. In the...
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Entrepreneurial Culture and the Evolution of Organisational Models: The Challenge of the Integral Enterprise Model
In this chapter, we propose a critical analysis of the development of organisational models, discussing the implications of the business culture and...
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Uncertain Potential Output: Implications for Monetary Policy in a Small Open Economy
This paper considers the uncertain potential output in a small open economy New Keynesian model. Uncertainty comes from the difficulty to distinguish...
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Models with Endogenous Regressors
This chapter examines various estimation and testing issues concerning models with endogenous regressors. The complexity of these issues increases as...
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Unconventional monetary policies in an agent-based model with mark-to-market standards
We employ an agent-based model to shed light on the macroeconomic effects of accounting principles, unconventional monetary policies, and of their...
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Influenza pandemics and macroeconomic fluctuations 1871–2016
This paper documents the short-run macroeconomic impacts of influenza pandemics across 16 countries spanning 1871–2016 using the...
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Rules Are Meant to Be Broken: Arguments in Favour of Discretionary Monetary Policy
This paper criticizes strict adherence to monetary policy rules. Policymakers cannot observe or measure the things required by such rules, and...