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A Macroeconomic Framework for Quantifying Systemic Risk
American Economic Journal: Macroeconomics, 2019 Systemic risk arises when shocks lead to states where a disruption in financial intermediation adversely affects the economy and feeds back into further disrupting financial intermediation.
Zhiguo He, A. Krishnamurthy
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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
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Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan
American Economic Journal: Macroeconomics, 2018 Using a rich dataset on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB).
Wataru Miyamoto, T. Nguyen, D. Sergeyev
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When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries
American Economic Journal: Macroeconomics, 2019 This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria ...
Marcel Fratzscher +4 more
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Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications
, 2012 Gabriel Jiménez +3 more
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Is The Phillips Curve Alive and Well After All? Inflation Expectations and the Missing Disinflation
, 2013 Olivier Coibion +2 more
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Are Sticky Prices Costly? Evidence from the Stock Market
, 2016 Y. Gorodnichenko, Michael Weber
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An Alternative Explanation for the “Fed Information Effect”
The American Economic Review, 2023Regressions of private-sector macroeconomic forecast revisions on monetary policy surprises often produce coefficients with signs opposite to standard macroeconomic models.
Michal Bauer, Eric T. Swanson
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The Government Spending Multiplier in a Multisector Economy
American Economic Journal: Macroeconomics, 2023We study the effects of aggregate government spending shocks in a production network economy where sectors differ in their price rigidity, factor intensities, use of intermediate inputs, and contribution to final demand.
Hafedh Bouakez, Omar Rachedi, E. Santoro
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