The global financial crisis and the ensuing criticism of macroeconomics have inspired
researchers to explore new modeling approaches. There are many new models that deliver …

We estimate demand, supply, monetary, investment and financial shocks in a VAR identified
with a minimum set of sign restrictions on US data. We find that financial shocks are major …

In the aftermath of the global financial crisis, the state of macroeconomic modeling and the
use of macroeconomic models in policy analysis has come under heavy criticism …

This paper examines the roles of bank capital regulation and monetary policy in mitigating
procyclicality and promoting macroeconomic and financial stability. The analysis is based on …

After the recent banking crisis in 2008, financial market conditions have turned out to be a
relevant factor for economic fluctuations. This paper provides a quantitative assessment of …

This work quantifies the size of fiscal multipliers in an economy with sovereign and bank
default risks. The paper presents an estimated two-region dynamic stochastic general …

Abstract We hypothesise that New Keynesian DSGE models that do not feature powerful
financial spillover channels confound the effects of domestic and foreign disturbances when …

In this paper we estimate an extended version of the previously estimated small open
economy dynamic stochastic general equilibrium model for Estonia (Gelain and Kulikov …

This chapter aims to provide a hands-on approach to New Keynesian models and their uses
for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian …

For some time now, structural macroeconomic models used at central banks have been
predominantly New Keynesian DSGE models featuring nominal rigidities and forward …