Starting with the interactive relationship between electronic money and household
consumption stimuli, this paper deeply analyzes the changes in the behavior of each …

We develop a behavioral New Keynesian model to analyze optimal monetary policy with
heterogeneously myopic households and firms. Five key results are derived. First, our model …

A New Keynesian model, estimated using Bayesian methods over a sample period that
includes the 2009-15 episode of zero nominal interest rates, illustrates the effects of …

In the context of an increasingly interconnected global economy, deciphering the complex
ripple effects of external financial disruptions on national economies is a task of utmost …

Motivated by the fiscal policy measures taken by euro zone governments during the
2021/2022 energy crisis, we examine their ability to counter inflationary surges resulting …

This study estimates the monetary policy reaction function (MPRF) in a Dynamic Stochastic
General Equilibrium (DSGE) framework using Bayesian analysis for the emerging …

Uncertainty about an economy's regime can change drastically around a crisis. An imported
crisis such as the global financial crisis in the euro area highlights the effect of foreign …

Abstract Since the Global Financial Crisis, a lively debate has emerged regarding the
monetary policy rule the central bank of a small open economy (SOE) follows and should …

This paper analyzes how the presence of non-Ricardian households can alter the dynamics
in a New-Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) model. The model …

This article presents the results of a comprehensive cross-country analysis of central banks'
reaction functions in eighteen emerging economies from 2000Q1 to 2017Q4. Utilizing …