Sticky-Price Models of the Business Cycle: Specification and Stability

By Peter N. Ireland. 2001

378 citations recorded by the source corpus.

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Citations in the corpus

Methods to Estimate Dynamic Stochastic General Equilibrium Models (2007, methodology): “This strategy is followed by Kim (2000), Ireland (2001), Bouakez, Cardia, and Ruge-Murcia (2001), and Dib and Phaneuf (2001).”
Does inflation increase after a monetary policy tightening? Answers based on an estimated DSGE model ☆ (2007, background): “Classical approaches which use full-information maximum likelihood and general equilibrium models, such as Kim (2000) and Ireland (2001), also benefit from this advantage.”
Net foreign assets and the exchange rate: Redux revived (2002, methodology): “We use the baseline parameterization above, which we repeat for convenience: b ¼ 0:99; r ¼ 0:33; o ¼ 1:2; a ¼ 0:5; n ¼ 0:01; a1 ¼ 0:5; and a2 ¼ 1:5: We set k to 77, the estimate in Ireland (2001), and y to 6, consistent with Rotemberg and Woodford (1992).”
The Fed's monetary policy rule and U.S. inflation: The case of asymmetric preferences (2007, neutral): “Gali´ and Gertler (1999), Ireland (2001, 2005) , Gali´ et al. (2003b), and Smets and Wouters (2003a) provide empirical support for this choice as a good first approximation to the dynamics of U.S.”
A Small-Sample Study of the New-Keynesian Macro Model (2006, background): “Fuhrer and Moore (1995) and Ireland (2001) obtained estimates of similar magnitude using a similar pricing specifications.”
Habit formation and the persistence of monetary shocks (2005, methodology): “Earlier studies that use ML procedures to estimate DSGE models include Christiano (1988), Altug (1989), Bencivenga (1992), McGrattan (1994), Hall (1996), McGrattan, Rogerson, and Wright (1997), Kim (2000), and Ireland (2001).”
Money and the natural rate of interest: structural estimates for the United States and the Euro area (2007, neutral): “The maximum likelihood estimation procedure follows Hansen and Sargent (1997) and later applications can be found in Kim (2000) and Ireland (2001, 2004).”
Endogenous Money or Sticky Prices? (2002, methodology): “Ireland (2001a) , however, discovers that data on output, money, inflation, and interest rates are insufficient to identify the capital adjustment cost parameter in a model that is quite similar to the one used here.”
The Macroeconomics of Central Bank Issued Digital Currencies (2016, background): “As in Schmitt-Grohé and Uribe (2004), each household is the monopolistic producer of one variety of intermediate goods, and as such maximizes the difference between sales revenue and costs, where the former equals Pt(i)yt(i) = Pt(i)yt (Pt(i)/Pt) −θp , and the latter consist of real wage payments w t”
Putting "M" Back in Monetary Policy (2003, neutral): “…or money demand (the dotted line).19 The gap between the actual and implied series represents the 18Drawing on Clarida, Gali, and Gertler (1999) and Ireland (2001b), we set σ = 1,λ = .5,β = .99,αR = 7,αx = 1.4, γπ = .75, and γm = .75. effects on inflation of current and past exogenous policy or…”
Putting the 'New Open Economy Macroeconomics' to a test (2003, background): “Ireland (1997, 2001) also estimates parameters in a closed economy model by a related maximum likelihood procedure, but utilizes these for different purposes and tests.”
The Chicago Plan Revisited (2012, background): “Unions face wage adjustment costs CW,t(i) that, as in Ireland (2001), make it costly to change the rate of wage inflation: CW,t(i) = φw 2 htTt  Wt(i) Wt−1(i) /t−1 Wt−2 − 1 2 .”
Inflation Dynamics with Search Frictions: A Structural Econometric Analysis (2008, background): “q(θt) , i.e. expression ( 14 ) can be written as”
What is a realistic value for price adjustment costs in New Keynesian models? (2007, methodology): “One sticky price specification used by Ireland (1997, 2001, 2003), Kim (2000) and others is Rotemberg’s (1982) quadratic cost of nominal price adjustment.”
Money in an Estimated Business Cycle Model of the Euro Area (2006, positive): “In this section we set out the basic equations of the model, whose predecessors can be found in McCallum and Nelson (1999), Woodford (1999), and more recently Ireland (2001), among others.”