Replication data for: Inflation in the Great Recession and New Keynesian Models
Principal Investigator(s): View help for Principal Investigator(s) Marco Del Negro; Marc P. Giannoni; Frank Schorfheide
Version: View help for Version V1
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text/plain | 14.6 KB | 10/12/2019 03:35:PM |
Project Citation:
Del Negro, Marco, Giannoni, Marc P., and Schorfheide, Frank. Replication data for: Inflation in the Great Recession and New Keynesian Models. Nashville, TN: American Economic Association [publisher], 2015. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114093V1
Project Description
Summary:
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Several prominent economists have argued that existing DSGE models cannot properly account for the evolution of key macroeconomic variables during and following the recent Great Recession. We challenge this argument by showing that a standard DSGE model with financial frictions available prior to the recent crisis successfully predicts a sharp contraction in economic activity along with a protracted but relatively modest decline in inflation, following the rise in financial stress in 2008:IV. The model does so even though inflation remains very dependent on the evolution of economic activity and of monetary policy. (JEL E12, E31, E32, E37, E44, E52, G01)
Scope of Project
JEL Classification:
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E12 General Aggregative Models: Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
E31 Price Level; Inflation; Deflation
E32 Business Fluctuations; Cycles
E37 Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
E44 Financial Markets and the Macroeconomy
E52 Monetary Policy
G01 Financial Crises
E12 General Aggregative Models: Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
E31 Price Level; Inflation; Deflation
E32 Business Fluctuations; Cycles
E37 Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
E44 Financial Markets and the Macroeconomy
E52 Monetary Policy
G01 Financial Crises
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