{"title":"Can a DSGE Model Explain a Costly Disinflation?","authors":"M. Ferrara, P. Tirelli","doi":"10.2139/ssrn.2640114","DOIUrl":null,"url":null,"abstract":"This paper shows that a medium-scale DSGE model is able to explain a contemporaneous reduction of output and consumption during a disinflation policy, as it is in the empirical evidence. To this aim, we introduce Rotemberg (1982) adjustment costs and the limited asset market participation assumption.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"4 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"University of Milan Bicocca Department of Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2640114","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
This paper shows that a medium-scale DSGE model is able to explain a contemporaneous reduction of output and consumption during a disinflation policy, as it is in the empirical evidence. To this aim, we introduce Rotemberg (1982) adjustment costs and the limited asset market participation assumption.
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