Results 1 to 10 of about 74,658 (46)
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
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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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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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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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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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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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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
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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
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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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