New Keynesian Model: Zero-Lower-Bound and Optimal Monetary Policy in Dynare скачать в хорошем качестве

New Keynesian Model: Zero-Lower-Bound and Optimal Monetary Policy in Dynare

This video is part of a series on the baseline New Keynesian model and its implementation in Dynare. In this video I will show you how to incorporate the Zero Lower Bound on nominal interest rates in the canonical New Keynesian model with Dynare. We’ll discuss why and how this has an adverse effect on welfare, and how optimal policy under discretion and commitment looks like. We’ll compare both cases in Dynare. Slides, notes and codes: https://mutschler.eu/teaching/nk_vide... *Timestamps* 0:11 Introduction and scope Canonical New Keynesian Model 2:21 Divine Coincidence 4:16 Introducing Zero-Lower-Bound on Nominal Interest Rate Optimal Monetary Policy 5:45 under Discretion: theory 7:16 under Discretion: implementation in Dynare 11:25 under Commitment: theory 12:14 under Commitment: implementation in Dynare 14:20 Discretion vs Commitment Conclusion 16:42 Remarks how to introduce occasionally binding constraints in Dynare 19:43 Summary