EconStor >
Verein für Socialpolitik >
Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/37485
  
Title:Optimal Monetary Policy Responses to the Financial Crisis in the Context of a Macroeconomic Agent-Based Model with Dynamic Expectations PDF Logo
Authors:Haber, Gottfried
Issue Date:2010
Series/Report no.:Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Monetary Policy Under Uncertainty C16-V2
Abstract:Within the context of an agent-based macroeconomic model with dynamic bounded-rational expectations, the most important transmission links between the real sphere of the European economy and the US financial markets crises are simulated: (a) the devaluation of financial assets, (b) global interest rate changes, (c) the drop in US demand on the world markets, and (d) loss of confidence in banks, companies, and markets. Depending on the specification of the expectation formation process, optimal monetary policy reactions change significantly. We conclude, that expectations matter, even more for calculating optimal monetary policies that for simply simulating the model.
Subjects:Agent-based economics
Mulit-agent models
monetary policy
fiscal policy
expectation formation
JEL:E50
E62
E63
Document Type:Conference Paper
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie

Files in This Item:
File Description SizeFormat
VfS_2010_pid_573.pdf694.4 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/37485

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.