Results 1 to 10 of about 71,762 (47)
Narratives About the Macroeconomy
Social Science Research Network, 2023 We provide evidence on narratives about the macroeconomy—the stories people tell to explain macroeconomic phenomena—in the context of a historic surge in inflation.
Peter André +3 more
semanticscholar +1 more source
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
semanticscholar +1 more source
Monetary Policy Communication: Perspectives from Former Policy Makers at the ECB
Social Science Research Network, 2023 This paper reports the results of a survey of former members of the Governing Council of the European Central Bank, which sought their views on monetary policy communication practices, the related challenges and the road ahead.
Michael Ehrmann +3 more
semanticscholar +1 more source
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
semanticscholar +1 more source
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
Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications
, 2012 We analyze the impact of monetary policy on the supply of bank credit. Monetary policy affects both loan supply and demand, thus making identification a steep challenge. We therefore analyze a novel, supervisory dataset with loan applications from Spain.
Gabriel Jiménez +3 more
semanticscholar +1 more source
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
semanticscholar +1 more source
A Behavioral New Keynesian Model
The American Economic Review, 2016 This paper analyzes how bounded rationality affects monetary and fiscal policy via an empirically relevant enrichment of the New Keynesian model.
X. Gabaix
semanticscholar +1 more source
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
semanticscholar +1 more source
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
semanticscholar +1 more source