Results 1 to 10 of about 81,571 (47)
Deconstructing Monetary Policy Surprises— The Role of Information Shocks
American Economic Journal: Macroeconomics, 2020 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
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A Behavioral New Keynesian Model
The American Economic Review, 2020 This paper analyzes how bounded rationality affects monetary and fiscal policy via an empirically relevant enrichment of the New Keynesian model.
X. Gabaix
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Monetary Policy and the Redistribution Channel
The American Economic Review, 2017 This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity ...
Adrien Auclert
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How Do Firms Form Their Expectations? New Survey Evidence
The American Economic Review, 2018 We survey New Zealand firms and document novel facts about their macroeconomic beliefs. There is widespread dispersion in beliefs about past and future macroeconomic conditions, especially inflation.
Olivier Coibion +2 more
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Central Bank Communication with the General Public: Promise or False Hope?
Social Science Research Network, 2022 Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to ensure accountability and create trust; another is to guide inflation expectations. This article
A. Blinder +3 more
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The Nexus of Monetary Policy and Shadow Banking in China
The American Economic Review, 2018 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, Tao Zha
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American Economic Journal: Economic Policy, 2020 Using comprehensive data on bank lending and establishment-level outcomes from 1997–2010, this paper finds that small business lending is an unimportant determinant of small business and overall economic activity.
M. Greenstone +2 more
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A Model of Secular Stagnation: Theory and Quantitative Evaluation
American Economic Journal: Macroeconomics, 2019 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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Narrative Sign Restrictions for SVARs
The American Economic Review, 2018 We identify structural vector autoregressions using narrative sign restrictions. Narrative sign restrictions constrain the structural shocks and/or the historical decomposition around key historical events, ensuring that they agree with the established ...
Juan Antolín-Díaz, J. Rubio-Ramírez
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Optimal Policy Under Dollar Pricing
Social Science Research Network, 2023 Empirical evidence shows that most international prices are sticky in dollars. This paper studies the policy implications of this fact in the context of an open economy model with general preferences, technologies, asset markets, nominal rigidities, and ...
K. Egorov, D. Mukhin
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