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Economies
Special Issues
DSGE and Macroeconomics
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DSGE and Macroeconomics

A special issue of Economies (ISSN 2227-7099). This special issue belongs to the section "Macroeconomics, Monetary Economics, and Financial Markets".

Deadline for manuscript submissions: 30 June 2024 | Viewed by 1613

Special Issue Editor

Dr. Aleksandar Vasilev

E-Mail Website
Guest Editor
Accountancy, Finance and Economics Department, Lincoln International Business School, University of Lincoln, Lincoln, UK
Interests: quantitative macroeconomics; fiscal policy; labor economics; indeterminacy and multiplicity of equilibria; aggregation in the presence of non-convexity

Special Issue Information

Dear Colleagues,

DSGE is the unifying framework for modeling dynamic economic phenomena in modern macroeconomics, and responsible for the New Neoclassical Synthesis in the field. The DSGE approach in macroeconomics has been a revolutionary innovation, which in turn has allowed macroeconomics to spread and take over other fields, including but not limited to labor, public economics, industrial organization, and environmental and climate economics. DSGE models have been used successfully to model the quantitative effects of the Great Depression in the US and UK, and the financial crisis of 2008, among many other important episodes in economic history.

In this Special Issue, Economies is inviting researchers and academicians to submit their work to a Special Issue dedicated to “DSGE and Macroeconomics”.  Some of the topics that this issue might address include but are not limited to quantitative macroeconomics, monetary theory, RBC models, DSGE modeling, fiscal and monetary policies, and computational aspects of those (calibration, simulation, estimation). The papers can be theoretical or empirical, and the approach can be based on a case study, comparative or institutional analysis, theoretical contributions or empirical work, among others.

Dr. Aleksandar Vasilev
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • quantitative macroeconomics
  • economic growth
  • business cycles
  • DSGE Models
  • aggregate labor market dynamics
  • indeterminacy and multiplicity of equilibria
  • quantitative monetary theory
  • monetary and fiscal policies in turbulent episodes
  • computational and numerical methods

Published Papers (1 paper)

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Research

16 pages, 2368 KiB  
Article
Effect of Financial Frictions on Monetary Policy Conduct: A Comparative Analysis of DSGE Models with and without Financial Frictions
by Salha Ben Salem, Sonia Sayari and Moez Labidi
Economies 2024, 12(3), 72; https://doi.org/10.3390/economies12030072 - 19 Mar 2024
Viewed by 909
Abstract
In this study, we explored the impact of bank leverage and financial frictions on the transmission of real and financial shocks. Two new Keynesian dynamic stochastic general equilibrium (DSGE) models, with and without financial frictions, were employed in the context of the Tunisian [...] Read more.
In this study, we explored the impact of bank leverage and financial frictions on the transmission of real and financial shocks. Two new Keynesian dynamic stochastic general equilibrium (DSGE) models, with and without financial frictions, were employed in the context of the Tunisian economy. In the analysis, we considered three types of shocks—productivity, monetary, and adverse bank capital shocks. The findings reveal that, in the model with financial frictions, the response of macroeconomic and financial variables to demand and supply shocks was more pronounced than in the baseline model, where frictions primarily exist at the borrower level. In this study, we underscored the significance of financial shocks, particularly negative bank capital shocks, in triggering substantial macroeconomic and financial fluctuations, especially when banks operate with higher leverage ratios. Additionally, the inclusion of financial frictions in the DSGE model enhanced its ability to capture the empirical features of real and financial shocks, providing valuable insights for effective monetary policymaking. The results provide foundational insights for Tunisian policymakers to assess the impact of financial frictions in the context of the Tunisian economy. This is significant for the Central Bank of Tunisia, which has not yet adopted a specific DSGE model. Therefore, through our analysis, we determined the amplificatory role of financial frictions in the dynamics of macroeconomic and financial variables in Tunisia and examined the main transmission channels of shock propagation. Full article
(This article belongs to the Special Issue DSGE and Macroeconomics)
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