Results 11 to 20 of about 73,899 (47)
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
semanticscholar +1 more source
Narrative Sign Restrictions for Svars
The American Economic Review, 2016 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, Juan Rubio Ramírez
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
The Economics of Central Bank Digital Currency
Social Science Research Network, 2022 This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications
Toni Ahnert +5 more
semanticscholar +1 more source
Geographic Cross-Sectional Fiscal Spending Multipliers: What Have We Learned?
American Economic Journal: Economic Policy, 2017 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
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, C. Lian
semanticscholar +1 more source
Monetary Policy When the Phillips Curve Is Quite Flat
American Economic Journal: MacroeconomicsThis paper highlights how the presence of a monetary policy cost channel can offer new insights into the relation between monetary policy and inflation when the Phillips curve is quite flat. For instance, we highlight a key condition whereby lax monetary
P. Beaudry, Chenyu Hou, F. Portier
semanticscholar +1 more source
Monetary Policy, Bounded Rationality, and Incomplete Markets
The American Economic Review, 2017 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
Monetary Policy and Wealth Effects: The Role of Risk and Heterogeneity
Social Science Research NetworkWe study the role of wealth effects, i.e. the revaluation of real and financial assets, in the monetary policy transmission mechanism. We build an analytical heterogeneous-agents model with two main ingredients: i) rare disasters and ii) risky household ...
Nicolas Caramp, D. Silva
semanticscholar +1 more source
A Theory of Dynamic Inflation Targets
Social Science Research NetworkShould central banks’ inflation targets remain set in stone? We study a dynamic mechanism design problem between a government and a central bank. The central bank has persistent private information about structural shocks.
C. Clayton, A. Schaab
semanticscholar +1 more source