Suchergebnisse
Filter
12 Ergebnisse
Sortierung:
Monetary policy and the cyclicality of risk
In: Journal of Monetary Economics, Band 62, S. 59-75
The Cyclicality of Sales, Regular, and Effective Prices: Business Cycle and Policy Implications: Comment
In: American economic review, Band 107, Heft 10, S. 3229-3242
ISSN: 1944-7981
Coibion, Gorodnichenko, and Hong (2015) argue that the CPI underestimates the deceleration in consumer prices during economic downturns because the index fails to account for the reallocation of consumer spending from high-price to low-price stores. We show that their conclusion hinges on some nonstandard methodological choices, including an aggressive censoring of price adjustments and a treatment for missing observations that can leave out some of the price variation. Under our preferred methodology, the regression results no longer indicate that greater store switching during downturns is a statistically or economically significant phenomenon. (JEL D12, E31, E32, L25, L81, M31)
Asymmetric monetary policy and the effective lower bound
In: Research in economics: Ricerche economiche, Band 71, Heft 3, S. 441-451
ISSN: 1090-9451
Individual Price Adjustment along the Extensive Margin
In: NBER macroeconomics annual, Band 27, Heft 1, S. 235-281
ISSN: 1537-2642
Understanding the effects of government spending on consumption
Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending.
BASE
The Transmission of Domestic Shocks in Open Economies
In: International Dimensions of Monetary Policy, S. 89-156
Comment on the demographic deficit
In: Journal of Monetary Economics, Band 93, S. 63-67
The Federal Reserve's Large‐scale Asset Purchase Programmes: Rationale and Effects
In: The economic journal: the journal of the Royal Economic Society, Band 122, Heft 564, S. F415-F446
ISSN: 1468-0297
The role of liquid government bonds in the great transformation of American monetary policy
In: Journal of economic dynamics & control, Band 35, Heft 3, S. 282-294
ISSN: 0165-1889
Monetary aggregates and liquidity in a neo-Wicksellian framework
Woodford (2003) describes a popular class of neo-Wicksellian models in which monetary policy is characterized by an interest-rate rule, and the money market and financial institutions are typically not even modeled. Critics contend that these models are incomplete and unsuitable for monetary-policy evaluation. Our Banks and Bonds model starts with a standard neo-Wicksellian model and then adds banks and a role for bonds in the liquidity management of households and banks. The Banks and Bonds model gives a more complete description of the economy, but the neo-Wicksellian model has the virtue of simplicity. Our purpose here is to see if the neo-Wicksellian model gives a reasonably accurate account of macroeconomic behavior in the more complete Banks and Bonds model. We do this by comparing the models' second moments, variance decompositions and impulse response functions. We also study the role of monetary aggregates and velocity in predicting inflation in the two models.
BASE
The Empirical Implications of the Interest-Rate Lower Bound
In: American economic review, Band 107, Heft 7, S. 1971-2006
ISSN: 1944-7981
Using Bayesian methods, we estimate a nonlinear DSGE model in which the interest-rate lower bound is occasionally binding. We quantify the size and nature of disturbances that pushed the US economy to the lower bound in late 2008 as well as the contribution of the lower bound constraint to the resulting economic slump. We find that the interest-rate lower bound was a significant constraint on monetary policy that exacerbated the recession and inhibited the recovery, as our mean estimates imply that the zero lower bound (ZLB) accounted for about 30 percent of the sharp contraction in US GDP that occurred in 2009 and an even larger fraction of the slow recovery that followed. (JEL C11, C32, E12, E23, E32, E43, E52, G01)