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Persistent Stochastic Shocks in a New Keynesian Model with Uncertainty

Tobias Kranz (Autor)

Buch | Softcover

XIII, 72 Seiten

2016 | 1st ed. 2017
Springer Fachmedien Wiesbaden GmbH (Verlag)
978-3-658-15638-1 (ISBN)

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The book introduces the New Keynesian framework, historically through a literature overview and through a step-by-step derivation of a New Keynesian Phillips curve, an intertemporal IS curve, and a targeting rule for the central bank. This basic version is then expanded by introducing cost and demand shocks and uncertainty. The latter enters the model via second order Taylor approximation instead of linearization. Bringing all equations together results in an equilibrium condition which is simulated with a wide range of parameter values, including possible crisis scenarios. The author finds that accounting for uncertainty - regarding growth and inflation expectations - can lead to lower nominal interest rates set by the central bank.

Tobias Kranz obtained his Master of Science degree in Economics at the University of Trier in 2015. He has been working as postgraduate at the chair of Empirical Economics (University of Trier) since 2016.

Historical recapitulation of DSGE Modeling.- Derivation of a basic New Keynesian Model.- Augmentation with persistent shocks and uncertainty.- Comparative statics and a wide range of numerical simulations.- Mathematical concepts and background information in the appendix.

Erscheinungsdatum	19.10.2016
Reihe/Serie	BestMasters
Zusatzinfo	XIII, 72 p. 19 illus.
Verlagsort	Wiesbaden
Sprache	englisch
Maße	148 x 210 mm
Themenwelt	Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
Themenwelt	Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
Schlagworte	DSGE • dynamic stochastic general equilibrium • Economics and finance • Economic theory and philosophy • Economic Theory/Quantitative Economics/Mathematica • Equilibrium Condition • Macroeconomics • Macroeconomics/Monetary Economics//Financial Econo • Monetary Economics • monetary policy • numerical simulation
ISBN-10	3-658-15638-4 / 3658156384
ISBN-13	978-3-658-15638-1 / 9783658156381
Zustand	Neuware