Browsing by Author "Kirkby, Robert"
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Item Restricted ECON212: Economics: Macroeconomics: Growth, Stability and Crises(Victoria University of Wellington, 2016) Kirkby, RobertItem Restricted ECON305: Economics: Advanced Macroeconomics(Te Herenga Waka—Victoria University of Wellington, 2024) Kirkby, RobertItem Restricted ECON305: Economics: Advanced Macroeconomics(2023) Kirkby, RobertItem Restricted ECON305: Economics: Advanced Macroeconomics(Victoria University of Wellington, 2016) Kirkby, RobertItem Restricted ECON305: Economics: Advanced Macroeconomics(Victoria University of Wellington, 2017) Kirkby, RobertItem Restricted ECON305: Economics: Advanced Macroeconomics(2018) Kirkby, RobertItem Restricted ECON305: Economics: Advanced Macroeconomics(Victoria University of Wellington, 2015) Kirkby, RobertItem Restricted ECON403: Economics: Advanced Macroeconomic Theory B(Victoria University of Wellington, 2015) Kirkby, RobertItem Restricted ECON403: Economics: Advanced Macroeconomic Theory B(Victoria University of Wellington, 2017) Kirkby, RobertItem Restricted ECON403: Economics: Advanced Macroeconomic Theory B(Victoria University of Wellington, 2016) Kirkby, RobertItem Restricted ECON403: Economics: Advanced Macroeconomic Theory B(Victoria University of Wellington, 2014) Kirkby, RobertItem Restricted ECON403: Economics: Advanced Macroeconomics Theory B(2023) Kirkby, RobertItem Restricted ECON403: Economics: Macroeconomics: Economic Fluctuations and Policy(Te Herenga Waka—Victoria University of Wellington, 2024) Kirkby, RobertItem Open Access House prices and macroprudential policy in an estimated DSGE model of New Zealand(Te Herenga Waka—Victoria University of Wellington, 2017) Funke, Michael; Kirkby, Robert; Mihaylovski, PetarWe analyse the effects of macroprudential and monetary policies and their interactions using an estimated dynamic stochastic general equilibrium (DSGE) model tailored to New Zealand. We find that the main historical drivers of house prices are shocks specific to the housing sector. While our estimates show that monetary policy has large spillover effects on house prices, it does not appear to have been a major driver of house prices in New Zealand. We consider macroprudential policies, including the loan-to-value restrictions that have been implemented in New Zealand. We find that loan-to-value restrictions reduce house prices with negligible effects on consumer prices, suggesting that they can be used without derailing monetary policy. We estimate that the loan-to-value restrictions imposed in New Zealand in 2013 reduced house prices by 3.8 per cent and that greater forward guidance on their duration would have made them more effective.Item Open Access Inflation and the growth rate of money in the long run and the short run(Te Herenga Waka—Victoria University of Wellington, 2016) Díaz-Giménez, Javier; Kirkby, RobertBetween 1960 and 2013, in the United States the inflation rate was essentially proportional to the growth rate of money in the long run, but that relationship did not hold in the short run. We ask whether three standard monetary model economies from the Cash-in-Advance, the New-Keynesian, and the Search-Money frameworks replicate these two facts. We find that all three deliver the first fact, but that they fail to deliver the second fact, since in all three of them the inflation rate is proportional to the growth rate of money both in the long run and in the short run. This is because in all three model economies the price level responds too quickly to changes in the growth rate of money.Item Open Access Transition paths for Bewley-Huggett-Aiyagari models: Comparison of some solution algorithms(Te Herenga Waka—Victoria University of Wellington, 2017) Kirkby, RobertWe analyse general equilibrium transition paths for Bewley-Huggett-Aiyagari models: general equilibrium models with heterogeneous agents, incomplete markets, and idiosyncratic but no aggregate uncertainty. We first provide precise definitions of the theoretical problem to be solved. We then consider a variety of algorithms for computation of the finite horizon general equilibrium transition paths. These algorithms can solve for unannounced one-off changes, pre-announced one-off changes, or even any finite series of one-off changes (such as announcing today a series of tax increases to be rolled out over the next few years). The algorithms are all based on shooting-algorithms but differ in how they update the price paths during convergence. Evaluation of the algorithms in terms of both robustness and runtime is performed by applying them to looking at capital tax reforms in the model of Aiyagari (1994) and its extension to endogenous labour. Simulation results show that the literature standard of simply using a fixed factor to update the entire path performs both fast and robustly; and that a weight of 0.9 on the old path is typically the best by these criterion.