Parcourir Faculté des arts et des sciences – Département de sciences économiques - Travaux et publications par auteur·e "Ruge-Murcia, Francisco"
Voici les éléments 1-20 de 30
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The Backing of Government Debt and the Price Level
(Université de Montréal. Département de sciences économiques., 2003)This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, ... -
Credibility and Signaling in Disinflation- a Cross Country Examination
(Université de Montréal. Département de sciences économiques., 1997)This paper develops a model of money demand where the opportunity cost of holding money is subject to regime changes. The regimes are fully characterized by the mean and variance of inflation and are assumed to be the result of alternative government ... -
A Discrete-Time Version of Target Zone Models with Jumps
(Université de Montréal. Département de sciences économiques., 1995) -
Dissent in monetary policy decisions
(Université de Montréal. Département de sciences économiques., 2011)Voting records indicate that dissents in monetary policy committees are frequent and predictability regressions show that they help forecast future policy decisions. In order to study whether the latter relation is causal, we construct a model of ... -
Distortionary Taxation and Labor Supply: Evidence from Canada
(Université de Montréal. Département de sciences économiques., 1999)This paper examines empirically the effects of distortionary taxation on labor supply using a general equilibrium framework. The long-term relations predicted by the model are derived and tested using Canadian data between 1966 and 1993. While the ... -
Do Inflation-Targeting Central Banks Implicitly Target the Price Level?
(Université de Montréal. Département de sciences économiques., 2009-12)This paper reports graphical and statistical evidence that the inflation targeting regimes in Canada and the UK - but not in Australia, New Zealand, or Sweden - actually resemble price-level targeting. In particular, the price level closely tracks the ... -
Does the Barro-Gordon Model Explain the Behavior of US Inflation? a Reexamination of the Empirical Evidence
(Université de Montréal. Département de sciences économiques., 2002)This paper tests the predictions of the Barro-Gordon model using US data on inflation and unemployment. To that end, it constructs a general game-theoretical model with asymmetric preferences that nests the Barro-Gordon model and a version of Cukierman’s ... -
Durable Goods, Inter-Sectoral Linkages and Monetary Policy
(Université de Montréal. Département de sciences économiques., 2008-08)Barsky, House and Kimball (2007) show that introducing durable goods into a sticky-price model leads to negative sectoral comovement of production following a monetary policy shock and, under certain conditions, to aggregate neutrality. These results ... -
The Dynamic (In)efficiency of Monetary Policy by Committee
(Université de Montréal. Département de sciences économiques., 2006)This paper develops a model where the value of the monetary policy instrument is selected by a heterogenous committee engaged in a dynamic voting game. Committee members differ in their institutional power and, in certain states of nature, they also ... -
Estimating Nonlinear DSGE Models by the Simulated Method of Moments
(Université de Montréal. Département de sciences économiques., 2010-11)This paper studies the application of the simulated method of moments (SMM) for the estimation of nonlinear dynamic stochastic general equilibrium (DSGE) models. Monte Carlo analysis is employed to examine the small-sample properties of SMM in ... -
Explaining the Persistence of Commodity Prices
(Université de Montréal. Département de sciences économiques., 1997)This paper extends the Competitive Storage Model by incorporating prominent features of the production process and financial markets. A major limitation of this basic model is that it cannot successfully explain the degree of serial correlation observed ... -
Explaining the Transition Between Exchange Rate Regimes
(Université de Montréal. Département de sciences économiques., 2003)This paper studies the transition between exchange rate regimes using a Markov chain model with time-varying transition probabilities. The probabilities are parameterized as nonlinear functions of variables suggested by the currency crisis and optimal ... -
Factor Analysis of a Large DSGE Model
(Université de Montréal. Département de sciences économiques., 2010-09)We study the workings of the factor analysis of high-dimensional data using artificial series generated from a large, multi-sector dynamic stochastic general equilibrium (DSGE) model. The objective is to use the DSGE model as a laboratory that allow ... -
Government Expenditure and the Dynamics of High Inflation
(Université de Montréal. Département de sciences économiques., 1995) -
Habit Formation and the Persistence of Monetary Shocks
(Université de Montréal. Département de sciences économiques., 2002)This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general equilibrium models with sticky prices fail to generate output responses beyond the duration of ... -
Heterodox Inflation Stabilization in Argentina, Brazil, and Israel. A Historical Review and Some Stylized Facts
(Université de Montréal. Département de sciences économiques., 1997)This article presents a review of the stabilization attempts in Argentina, Brazil, and Israel during the 1980’s. Earlier research is summarized and complemented with additional sources of contemporaneous information and a detailed analysis of institutional ... -
How Much Inflation is Necessary to Grease the Wheels?
(Université de Montréal. Département de sciences économiques., 2007)This paper studies Tobin's proposition that inflation "greases" the wheels of the labor market. The analysis is carried out using a simple dynamic stochastic general equilibrium model with asymmetric wage adjustment costs. Optimal inflation is determined ... -
The Inflation Bias When the Central Bank Targets, the Natural Rate of Unemployment
(Université de Montréal. Département de sciences économiques., 2001)This paper studies the proposition that an inflation bias can arise in a setup where a central banker with asymmetric preferences targets the natural unemployment rate. Preferences are asymmetric in the sense that positive unemployment deviations from ... -
Inflation Targeting Under Asymmetric Preferences
(Université de Montréal. Département de sciences économiques., 2001)This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. In particular, positive deviations from the target can be weighted more, or less, severely ... -
Methods to Estimate Dynamic Stochastic General Equilibrium Models
(Université de Montréal. Département de sciences économiques., 2003)This paper employs the one-sector Real Business Cycle model as a testing ground for four different procedures to estimate Dynamic Stochastic General Equilibrium (DSGE) models. The procedures are: 1 ) Maximum Likelihood, with and without measurement ...
