Advances in Monetary Policy and Macroeconomics by P. Arestis, G. Zezza

By P. Arestis, G. Zezza

There were vital advances in financial economics and macroeconomics lately. In macroeconomics there was the paramount improvement of the recent Consensus Macroeconomics in addition to major coverage implications, thereby giving upward push to the inspiration of latest financial coverage. This booklet bargains with the main elements of those advancements and extra ones corresponding to funds, credits and the company cycle. including to the research are advancements that target matters for open and spatial macroeconomics.

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Eichenbaum, M. G. ), Monetary Policy. Chicago: Chicago University Press. , M. Flabbi and F. Giavazzi (1999) ‘The Transmission Mechanism of Monetary Policy in Europe: Evidence From Bank’s Balance Sheets’. CEPR Discussion Papers, no. 2303. Fiorentini, R. and R. Tamborini (2000) ‘The Monetary Transmission Mechanism in Italy: The Credit Channel and a Missing Ring’, Giornale degli Economisti, 61, 1–42. Fiorentini, R. and R. Tamborini (2002) ‘Monetary Policy, Credit and Aggregate Supply’, Economic Notes, 31, 1–48.

4 Identifying the long-run structure Having determined the dimension of the cointegration space, we have proceeded to the analysis of the identification of the cointegrating vectors. This step ( Johansen, 1995) is performed by defining the restriction matrices that the estimated cointegration vectors βˆ should satisfy, in order to have unique cointegrating relations, interpretable as long-run structural relations among the observed variables. To this effect, we have exploited the time structure imposed by the theoretical model, namely that the contemporaneous t variables determine the forward t + 12 variables, but not the other way round (except for anticipated inflation).

Assumptions in favour of a simpler behaviour of agents are better accepted. With the pricing structure of Taylor, both the naïve expectations hypothesis and the ‘near-rational’ hypothesis of Ball are supported. 2 Robustness analysis In order to assess the robustness of those results we use alternative specifications structural curves and competing econometric methods. We also investigate the time-stability of our previous results in order to confirm their ‘structural’ nature. Then we display some graphs to appreciate the goodnessof-fit of the Phillips Curve with respect to the nature of inflation expectations.

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