Persistent Stochastic Shocks In A New Keynesian Model With Uncertainty by Tobias KranzPersistent Stochastic Shocks In A New Keynesian Model With Uncertainty by Tobias Kranz

Persistent Stochastic Shocks In A New Keynesian Model With Uncertainty

byTobias Kranz

Paperback | October 6, 2016

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The book introduces the New Keynesian framework, historically through a literature overview and through a step-by-step derivation of a New Keynesian Phillips curve, an intertemporal IS curve, and a targeting rule for the central bank. This basic version is then expanded by introducing cost and demand shocks and uncertainty. The latter enters the model via second order Taylor approximation instead of linearization. Bringing all equations together results in an equilibrium condition which is simulated with a wide range of parameter values, including possible crisis scenarios. The author finds that accounting for uncertainty - regarding growth and inflation expectations - can lead to lower nominal interest rates set by the central bank.
Tobias Kranz obtained his Master of Science degree in Economics at the University of Trier in 2015. He has been working as postgraduate at the chair of Empirical Economics (University of Trier) since 2016. 
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Title:Persistent Stochastic Shocks In A New Keynesian Model With UncertaintyFormat:PaperbackDimensions:72 pages, 21 × 14.8 × 0.17 inPublished:October 6, 2016Publisher:Springer-Verlag/Sci-Tech/TradeLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:3658156384

ISBN - 13:9783658156381

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Table of Contents

Historical recapitulation of DSGE Modeling.- Derivation of a basic New Keynesian Model.- Augmentation with persistent shocks and uncertainty.- Comparative statics and a wide range of numerical simulations.- Mathematical concepts and background information in the appendix.