Now showing items 1-8 of 8

    • Constrained Discretion and Central Bank Transparency 

      Bianchi, F; Melosi, L (Economic Research Initiatives at Duke (ERID), 2015-02-01)
      We develop and estimate a general equilibrium model to quantitatively assess the effects and welfare implications of central bank transparency. Monetary policy can deviate from active inflation stabilization and agents conduct ...
    • Dormant shocks and fiscal virtue 

      Bianchi, F; Melosi, L (NBER Macroeconomics Annual, 2013-01-01)
      We develop a theoretical framework to account for the observed instability of the link between inflation and fiscal imbalances across time and countries. Current policymakers' behavior influences agents' beliefs about the ...
    • Escaping the Great Recession 

      Bianchi, F; Melosi, L (Economic Research Initiatives at Duke (ERID), 2015-01-01)
      High uncertainty is an inherent implication of the zero lower bound, while deflation is not because of inflationary pressure due to uncertainty about how debt will be stabilized. We show that policy uncertainty empirically ...
    • Globalization and Inflation: Structural Evidence from a Time Varying VAR Approach 

      Bianchi, F; Civelli, A (Economic Research Initiatives at Duke (ERID), 2013-07-01)
      Under the Globalization Hypothesis for inflation, as globalization increases, global economic slack should progressively replace the domestic gap in driving inflation. In order to assess the empirical support for this theoretical ...
    • Growth, Slowdowns, and Recoveries 

      Bianchi, F; Kung, H (Economic Research Initiatives at Duke (ERID), 2014-11-01)
      We construct and estimate a model that features endogenous growth and technology diffusion. The spillover effects from research and development provide a link between business cycle fluctuations and long-term growth. Therefore, ...
    • Modeling the evolution of expectations and uncertainty in general equilibrium 

      Bianchi, F; Melosi, L (International Economic Review, 2016-05-01)
      © 2016 by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.We develop methods to solve general equilibrium models in which forward-looking ...
    • Monetary/Fiscal Policy Mix and Agents’ Beliefs 

      Bianchi, F; Ilut, C (Economic Research Initiatives at Duke (ERID) Working Paper, 2014-05-01)
      We reinterpret post World War II US economic history using an estimated microfounded model that allows for changes in the monetary/fiscal policy mix. We find that the fiscal authority was the leading authority in the ‘60s ...
    • Regime switches, agents'beliefs, and post-worldwar II U.S. macroeconomic dynamics 

      Bianchi, F (Review of Economic Studies, 2013-04-01)
      The evolution of the U.S. economy over the past 55 years is examined through the lens of a microfounded model that allows for changes in the behaviour of the Federal Reserve and in the volatility of structural shocks. Agents ...