Results 1 to 10 of about 74,744 (44)
Optimal Monetary Policy with Staggered Wage and Price Contracts
Kredit und Kapital, 1999 We formulate an optimizing-agent model in which both labor and product markets exhibit monopolistic competition and staggered nominal contracts. The unconditional expectation of average household utility can be expressed in terms of the unconditional ...
C. Erceg, D. Henderson, Andrew T. Levin
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The American Economic Review, 2016 We study the conditional distribution of GDP growth as a function of economic and financial conditions. Deteriorating financial conditions are associated with an increase in the conditional volatility and a decline in the conditional mean of GDP growth ...
Tobias Adrian +2 more
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Input Specificity and the Propagation of Idiosyncratic Shocks in Production Networks
, 2015 This article examines whether firm-level idiosyncratic shocks propagate in production networks. We identify idiosyncratic shocks with the occurrence of natural disasters. We find that affected suppliers impose substantial output losses on their customers,
J. Barrot, Julien Sauvagnat
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The Costs of Job Displacement over the Business Cycle and Its Sources: Evidence from Germany
Social Science Research Network, 2022 We document the sources behind the costs of job loss over the business cycle using administrative data from Germany. Losses in annual earnings after displacement are large, persistent, and highly cyclical, nearly doubling in size during downturns.
Johannes F. Schmieder +2 more
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Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?
American Economic Journal: Macroeconomics, 2015 Uncertainty about the future rises in recessions. But is uncertainty a source of business cycles or an endogenous response to them, and does the type of uncertainty matter?
S. Ludvigson, Sai Ma, Serena Ng
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The Matching Multiplier and the Amplification of Recessions
The American Economic Review, 2023 This paper shows that the unequal incidence of recessions in the labor market amplifies aggregate shocks. Using administrative data from the United States, I document a positive covariance between workers' marginal propensities to consume (MPCs) and ...
Christina Patterson
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The Nexus of Monetary Policy and Shadow Banking in China
The American Economic Review, 2017 We study how monetary policy in China influences banks’ shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993).
Kaiji Chen, Jue Ren, T. Zha
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A Model of Secular Stagnation: Theory and Quantitative Evaluation
American Economic Journal: Macroeconomics, 2017 This paper formalizes and quantifies the secular stagnation hypothesis, defined as a persistently low or negative natural rate of interest leading to a chronically binding zero lower bound (ZLB).
Gauti B. Eggertsson +2 more
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Five Facts About the Distributional Income Effects of Monetary Policy
Social Science Research Network, 2022 We document five facts about the distributional income effects of monetary policy shocks using Swedish administrative individual-level data. (i) The effects of monetary policy shocks are U shaped over the income distribution—that is, expansionary shocks ...
Niklas Amberg +3 more
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Geographic Cross-Sectional Fiscal Spending Multipliers: What Have We Learned?
American Economic Journal: Economic Policy, 2017 A geographic cross-sectional fiscal spending multiplier measures the effect of an increase in spending in one region of a monetary union. Empirical studies of such multipliers have proliferated.
Gabriel Chodorow-reich
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