Results 1 to 10 of about 74,773 (43)
Deconstructing Monetary Policy Surprises: The Role of Information Shocks
American Economic Journal: Macroeconomics, 2018 Central bank announcements simultaneously convey information about monetary policy and the central bank's assessment of the economic outlook. This paper disentangles these two components and studies their effect on the economy using a structural vector ...
Marek Jarociński, P. Karadi
semanticscholar +1 more source
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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Systemic Risk and Stability in Financial Networks
, 2013 This paper argues that the extent of financial contagion exhibits a form of phase transition: as long as the magnitude of negative shocks affecting financial institutions are sufficiently small, a more densely connected financial network (corresponding ...
Daron Acemoglu +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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Financial Factors in Economic Fluctuations
Social Science Research Network, 2010 We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the ...
Lawrence J. Christiano +2 more
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Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
American Economic Journal: Macroeconomics, 2016 We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn. We motivate, develop, and estimate a model with an endogenous
D. Anzoategui +3 more
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The Term Structure of Growth-at-Risk
Social Science Research Network, 2018 We show that the conditional distribution of forecasted GDP growth depends on financial conditions in a panel of 11 advanced economies. Financial conditions have a larger effect on the lower fifth percentile of conditional growth—which we call growth-at ...
T. Adrian +3 more
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Monetary Policy, Segmentation, and the Term Structure
Social Science Research NetworkWe develop a segmented markets model which rationalizes the effects of monetary policy on the term structure of interest rates. As in the preferred habitat tradition, habitat investors and arbitrageurs trade bonds of various maturities.
Rohan Kekre, Moritz Lenel, F. Mainardi
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Income Inequality and Job Creation
Social Science Research NetworkWe propose a novel channel through which rising income inequality affects job creation and macroeconomic outcomes. High-income households save relatively more in stocks and bonds but less in bank deposits.
Dong-Gull Lee, S. Doerr, Thomas Drechsel
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Monetary Policy Through Production Networks: Evidence from the Stock Market
Social Science Research Network, 2017 We study the importance of production networks for the transmission of monetary policy using the stock market reaction as laboratory. We attribute 55% to 85% of the overall response to network effects.
Ali K. Ozdagli, Michael Weber
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