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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, ...
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 ...
Nonlinear Monetary Policy Rules: Some New Evidence for the U.S.
(Université de Montréal. Département de sciences économiques., 2003)
This paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical ...
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 ...