We estimate a model for the US economy with monetary/fiscal policy mix changes. Monetary
policy accommodated fiscal policy through the'60s–'70s leading to high inflation. Monetary …

In this paper, I review the literature on the formulation and estimation of dynamic stochastic
general equilibrium (DSGE) models with a special emphasis on Bayesian methods. First, I …

The evolution of the US economy over the past 55 years is examined through the lens of a
micro-founded model that allows for changes in the behaviour of the Federal Reserve and in …

Inference for multiple-equation Markov-chain models raises a number of difficulties that are
unlikely to appear in smaller models. Our framework allows for many regimes in the …

The paper estimates a model that allows for shifts in the aggressiveness of monetary policy
and time variation in the distribution of macroeconomic shocks. These model features …

Using Bayesian methods, we estimate a Markov-switching New Keynesian (MSNK) model
that allows shifts in the monetary policy reaction coefficients and shock volatilities with US …

In an environment where economic structures break, variances change, distributions shift,
conventional policies weaken and past events tend to reoccur, economic agents have to …

We develop a behavioral DSGE model which addresses the forward guidance puzzle. We
then use the estimated model to assess if unconventional monetary policy tools such as …

We integrate a high-frequency monetary event study into a mixed-frequency macro-finance
model and structural estimation. The model and estimation allow for jumps at Fed …

This paper compares the role of stochastic volatility versus changes in monetary policy rules
in accounting for the time-varying volatility of US aggregate data. Of special interest to us is …