Para ve maliye politikaları ortak analizi: Değişken rejimli DSGE modeli

Recent literature on the macroeconomic theory examines the importance of the regime switching in macroeconomic dynamics. Using a regime switching structure, this paper studies a baseline New Keynesian model with scal block where regimes are de ned as active monetary passive scal (AMPF) and passive monetary active scal (PMAF) regimes. In this paper, I demonstrate that the dynamics of aggregate variables di er markedly when non-linear regime switching solutions are considered. To be speci c, output and in ation level are more sensitive to the monetary policy shock under PMAF regime and more sensitive to the technological shocks under AMPF regime. Keywords: DSGE, Joint Policies, Non-linear Models, Perturbation Method,Regime Switching