Estimation and control of an optimization-based model with sticky prices and wages

By J. Amato, Thomas Laubach. 2003

140 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/1e4a0fa80d0b25d28e8c7ee0e6d215ac49f24570

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In Economics and Econometrics

Citations in the corpus

Inflation Dynamics, Marginal Cost, and the Output Gap: Evidence from Three Countries (2005, unknown): “As the model underlying our potential GDP series has capital and habit formation, the NKPC (1) holds only approximately (Amato and Laubach 2003 derive the NKPC in a model with habit formation but no capital).”
Fleshing out the Monetary Transmission Mechanism: Output Composition and the Role of Financial Frictions (2006, methodology): “The model was subsequently extended by Amato and Laubach (2003), who also included wage inflation; Boivin and Giannoni (2003), who allowed for the indexation of prices; and Giannoni and Woodford (2003), who combined both assumptions.”
Estimated General Equilibrium Models for the Evaluation of Monetary Policy in the Us and Europe (2005, methodology): “Firstly, there is an equation relating the output gap, b yt, to the future deviation of actual from potential output and negatively to the real interest rate, b yt = Etb yt+1 − 1 ρ Etb rt (1)”
Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound (2012, methodology): “For example, Amato and Laubach (2003) obtained the estimate σ = 4 using essentially the same estimation procedure as Rotemberg and Woodford (1997) but allowing for nominal rigidity in wages as well as prices.”
A Search for a Structural Phillips Curve (2005, methodology): “7 The extended Calvo equation is an approximate equilibrium condition obtained by log-linearizing conditions (1) and (2) around a steady-state with ination and then combining the results: b t = e%b t 1 + b st + b1Etb t+1 + b2EtX1 j=2 j 1 1 b t+j (4) + ( 2 1) (PR̂t + P ̂yt) + ut: PR̂t Et X1”
What Accounts for the Changes in U.S. Fiscal Policy Transmission? (2008, methodology): “Similar approaches have subsequently been applied by Amato and Laubach (2003), Boivin and Giannoni (2003) and Christiano, Eichenbaum and Evans (2005).”
Expansionary Fiscal Shocks and the US Trade Deficit (2005, result): “…deficits induce an even smaller deterioration in the trade balance than under our benchmark parametrization. r Blackwell Publishing Ltd. 2005 reasonably similar to the value estimated by Amato and Laubach (2003) of 0.13 (the price mark-up parameter yp has no effect on the linearized dynamics).”
THE REAL-INTEREST-RATE GAP AS AN INFLATION INDICATOR (2003, unknown): “Higher σ values are estimated by Rotemberg and Woodford (1997) and Amato and Laubach (2002), but these are not based on conventional econometric estimation procedures such as instrumental variables or maximum likelihood.”
Why Does Private Consumption Rise After a Government Spending Shock (2007, unknown): “(6)Earlier studies that allow consumer preferences to depend on government spending include Barro (1981), Aschauer (1985), Christiano and Eichenbaum (1992), Baxter and King (1993), Karras (1994), Ahmed and Yoo (1995), Ambler and Cardia (1997), Amano and Wirjanto (1997, 1998), and Cardia, Kozhaya, an”
Robust Monetary Policy with Competing Reference Models (2003, methodology): “For example, Giannoni (2001) quantifies the parameter uncertainty of the NKB model by using the estimated standard errors of Amato and Laubach (2003), and obtains rules that involve a very high degree of interest rate smoothing.”