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Preference Heterogeneity in Monetary Policy Committees
(Université de Montréal. Département de sciences économiques., 2007-05)
Sectoral Price Rigidity and Aggregate Dynamics
(Université de Montréal. Département de sciences économiques., 2009-02)
In this paper, we study the macroeconomic implications of sectoral heterogeneity and, in particular, heterogeneity in price setting, through the lens of a highly disaggregated multi-sector model. The model incorporates ...
Monetary Policy by Committee:Consensus, Chairman Dominance or Simple Majority?
(Université de Montréal. Département de sciences économiques., 2008-02)
This paper studies the theoretical and empirical implications of monetary policy making by committee under three different voting protocols. The protocols are a consensus model, where super-majority is required for a policy ...
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. ...
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 ...
Monetary Policy When Wages Are Downwardly Rigid: Friedman Meets Tobin
(Université de Montréal. Département de sciences économiques., 2009-11)
In a monetary economy with downwardly rigid wages, the central banker should target a
low, but strictly positive, inflation rate.
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 ...
The Transmission of Monetary Policy in a Multi-Sector Economy
(Université de Montréal. Département de sciences économiques., 2005)
This paper constructs and estimates a sticky-price, Dynamic Stochastic General Equilibrium model with heterogenous production sectors. Sectors differ in price stickiness, capital-adjustment costs and production technology, ...
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 ...