Results 11 to 20 of about 81,571 (47)
Optimal Monetary Policy with Staggered Wage and Price Contracts
Kredit und Kapital, 2000 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 +2 more
semanticscholar +1 more source
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 Andre +3 more
semanticscholar +1 more source
Geographic Cross-Sectional Fiscal Spending Multipliers: What Have We Learned?
American Economic Journal: Economic Policy, 2019 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
semanticscholar +1 more source
An Analysis of the Literature on International Unconventional Monetary Policy
Journal of Economic Literature, 2022 This paper evaluates the literature on international unconventional monetary policies (UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in standard models permits a theoretical role for UMP.
Saroj Bhattarai, Christopher J. Neely
semanticscholar +1 more source
Mortgage Pricing and Monetary Policy
Social Science Research NetworkThis paper examines how central bank policies influence mortgage pricing in the United Kingdom. It shows that lenders price discriminate by offering two-part tariffs of interest rates and origination fees, and during unconventional monetary policies like
M. Benetton, A. Gavazza, P. Surico
semanticscholar +1 more source
Monetary Policy, Bounded Rationality, and Incomplete Markets
The American Economic Review, 2019 This paper extends the benchmark New-Keynesian model by introducing two frictions: (i) agent heterogeneity with incomplete markets, uninsurable idiosyncratic risk, and occasionally-binding borrowing constraints; and (ii) bounded rationality in the form ...
E. Farhi, I. Werning
semanticscholar +1 more source
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
semanticscholar +1 more source
Forward Guidance without Common Knowledge
The American Economic Review, 2018 How does the economy respond to news about future policies or future fundamentals? Standard practice assumes that agents have common knowledge of such news and face no uncertainty about how others will respond.
G. Angeletos, Chen Lian
semanticscholar +1 more source
Impact of the Asset Purchase Programme on euro area government bond yields using market news
Economic Modelling, 2020 Assessing the impact of the Asset Purchase Programme (APP) by the European Central Bank (ECB) on euro area sovereign yields is challenging, because the monetary policy announcement in January 2015 was already implicitly communicated to the market in the ...
R. A. Santis
semanticscholar +1 more source
Shocks, Frictions, and Inequality in US Business Cycles
Social Science Research NetworkWe show how a heterogeneous agent New Keynesian (HANK) model with incomplete markets and portfolio choice can be estimated in state space using a Bayesian approach.
Christian Bayer +2 more
semanticscholar +1 more source