Florian Pelgrin

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Computing Optimal Policy in a Timeless-Perspective: An Application to a Small-Open Economy

Staff Working Paper 2007-32 Michel Juillard, Florian Pelgrin
Since the contribution of Kydland and Prescott (1977), it is well known that the optimal Ramsey policy is time inconsistent. In a series of recent contributions, Woodford (2003) proposes a new methodology to circumvent this problem, namely the timeless perspective solution.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Monetary policy framework JEL Code(s): C, C6, E, E5, E6

Time-Consistent Control in Non-Linear Models

Staff Working Paper 2007-3 Steve Ambler, Florian Pelgrin
We show how to use optimal control theory to derive optimal time-consistent Markov-perfect government policies in nonlinear dynamic general equilibrium models, extending the result of Cohen and Michel (1988) for models with quadratic objective functions and linear dynamics. We replace private agents' costates by flexible functions of current states in the government's maximization problem.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Fiscal Policy, Monetary policy framework JEL Code(s): C, C6, C63, E, E6, E61, E62

The Implications of Transmission and Information Lags for the Stabilization Bias and Optimal Delegation

Staff Working Paper 2004-37 Jean-Paul Lam, Florian Pelgrin
In two recent papers, Jensen (2002) and Walsh (2003), using a hybrid New Keynesian model, demonstrate that a regime that targets either nominal income growth or the change in the output gap can effectively replicate the outcome under commitment and hence reduce the size of the stabilization bias.

The U.S. New Keynesian Phillips Curve: An Empirical Assessment

Staff Working Paper 2004-35 Alain Guay, Florian Pelgrin
The authors examine the evidence presented by Galí and Gertler (1999) and Galí, Gertler, and Lopez-Salido (2001, 2003) that the inflation dynamics in the United States can be well-described by the New Keynesian Phillips curve (NKPC).

Translog ou Cobb-Douglas? Le rôle des durées d'utilisation des facteurs

Staff Working Paper 2004-19 Eric Heyer, Florian Pelgrin, Arnaud Sylvain
Using French data on industrial firms over the period 1989-2001, the authors estimate a "flexible" Translog production function that accounts for the volumes and durations of factor utilization.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models JEL Code(s): C, C3, C33, D, D2, D24, J, J2, J23

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