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Replication data for: Inflation in the Great Recession and New Keynesian Models

Resource Type
  • Del Negro, Marco
  • Giannoni, Marc P.
  • Schorfheide, Frank
Publication Date
  • Abstract

    Several prominent economists have argued that existing DSGE models cannot properly account for the evolution of key macroeconomic variables during and following the recent Great Recession. We challenge this argument by showing that a standard DSGE model with financial frictions available prior to the recent crisis successfully predicts a sharp contraction in economic activity along with a protracted but relatively modest decline in inflation, following the rise in financial stress in 2008:IV. The model does so even though inflation remains very dependent on the evolution of economic activity and of monetary policy. (JEL E12, E31, E32, E37, E44, E52, G01)
  • Is supplemented by
    DOI: 10.1257/mac.20140097 (Text)
  • Del Negro, Marco, Marc P. Giannoni, and Frank Schorfheide. “Inflation in the Great Recession and New Keynesian Models.” American Economic Journal: Macroeconomics 7, no. 1 (January 2015): 168–96.
    • ID: 10.1257/mac.20140097 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Del Negro, Marco; Giannoni, Marc P.; Schorfheide, Frank (2015): Replication data for: Inflation in the Great Recession and New Keynesian Models. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.