This survey features three parts. The first one reviews the most recent literature on the
relationship between domestic (ie, country‐specific) uncertainty and the business cycle, and …

Where do inflation and deflation ultimately come from? The fiscal theory of the price level
offers a simple answer: Prices adjust so that the real value of government debt equals the …

This paper surveys estimates of New Keynesian Phillips curve (NKPC) parameters that have
been obtained by fitting fully specified dynamic stochastic general equilibrium (DSGE) …

This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model
with sticky prices and wages for the euro area. The model incorporates various other …

We extend a standard New Keynesian model to allow an analysis of “unconventional”
dimensions of policy alongside traditional interest-rate policy. We find that quantitative …

The new edition of a comprehensive treatment of monetary economics, including the first
extensive coverage of the effective lower bound on nominal interest rates. This textbook …

The paper reconsiders the role of money and banking in monetary policy analysis by
including a banking sector and money in an optimizing model otherwise of a standard type …

This paper estimates a New Keynesian model to draw inferences about the behavior of the
Federal Reserve's unobserved inflation target. The results indicate that the target rose from 1 …

Abstract In the New Keynesian model, preference, cost-push, and monetary shocks all
compete with the real-business-cycle model's technology shock in driving aggregate …

We compute a sunspot equilibrium in an estimated small-scale New Keynesian model with a
zero lower bound (ZLB) constraint on nominal interest rates and a full set of stochastic …