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View article: UK monetary and fiscal policy since the great recession - an evaluation
UK monetary and fiscal policy since the great recession - an evaluation Open
This paper explores the economic impacts of the Bank of England's quantitative easing policy, implemented as a response to the global financial crisis. Using an open economy Dynamic Stochastic General Equilibrium (DSGE) model, we demonstra…
View article: The Role of Fiscal Policy — A Survey of Recent Empirical Findings
The Role of Fiscal Policy — A Survey of Recent Empirical Findings Open
DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on interest rates (ZLB), and varying price duration, can account well for recent macroeconomic behavior across a variety of …
View article: Shadow banking activity and entrusted loans in a DSGE model of China
Shadow banking activity and entrusted loans in a DSGE model of China Open
This paper examines how the risky lending activities of the state‐owned enterprises (SOEs) affect the effectiveness of monetary and fiscal policy in China with a shadow banking sector. We develop a dynamic stochastic general equilibrium (D…
View article: China’s market economy, shadow banking and the frequency of growth slowdown
China’s market economy, shadow banking and the frequency of growth slowdown Open
The activity of the Shadow Banks in China has been the subject of considerable interest in recent years. Total shadow banking lending has reached over 60% of GDP and has grown faster than regular bank lending. It has been argued that unreg…
A note on news about the future: the impact on DSGE models and their VAR representation Open
In this paper we investigate the role of news shocks in aggregate fluctuations by comparing the empirical performance of models with and without the feature of the news shocks. We found a trivial difference between the two models. That is,…
How should news shocks be specified under rational expectations Open
A number of studies have found that news shocks account for a large part of the aggregate fluctuations of the main macroeconomic variables.We show that when taking rational expectations into consideration there is a limit on the size of th…