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Can Supply Shocks Be Infaltionary with a Flat Phillips Curve?
In: OFR Forthcoming
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Can Supply Shocks Be Inflationary with a Flat Phillips Curve?
In: https://doi.org/10.26509/frbc-wp-202336
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Raising the Inflation Target: How Much Extra Room Does It Really Give?
In: FRB of Cleveland Working Paper No. 20-16
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Working paper
Technological revolutions and the Three Great Slumps: A medium-run analysis
In: Journal of Monetary Economics, Band 96, S. 93-108
Bad news in the Great Depression, the Great Recession, and other U.S. recessions: A comparative study
In: Journal of economic dynamics & control, Band 81, S. 79-98
ISSN: 0165-1889
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Working paper
Optimally sticky prices: Foundations
In: Journal of economic dynamics & control, Band 141, S. 104397
ISSN: 0165-1889
Technology Shocks and Predictable Minsky Cycles
In: The economic journal: the journal of the Royal Economic Society, Band 134, Heft 658, S. 811-836
ISSN: 1468-0297
Abstract
Big technological improvements in a new, secondary sector lead to a period of excitement about the future prospects of the overall economy, generating boom-bust dynamics propagating through credit markets. Increased future capital prices relax collateral constraints today, leading to a boom before the realisation of the shock. But reallocation of capital toward the secondary sector when the shock hits leads to a bust going forward. These cycles are perfectly foreseen in our model, making them markedly different from the typical narrative about unexpected financial shocks used to explain crises. Our dynamics obtain without a departure from rational expectations. In fact, these cycles echo Minsky's original narrative for financial cycles, according to which 'financial trauma occur [sic] as normal functioning events in a capitalistic economy' (Minsky, 1980, p. 21).
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Macro-prudential taxation in good times
In: Journal of international economics, Band 121, S. 103251
ISSN: 0022-1996
Short-run effects of lower productivity growth. A twist on the secular stagnation hypothesis
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 39, Heft 4, S. 639-649
ISSN: 0161-8938
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