Results 21 to 30 of about 72,254 (46)
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
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Inflation-Gap Persistence in the U.S
, 2008 We estimate vector autoregressions with drifting coefficients and stochastic volatility to investigate whether US inflation persistence has changed. We focus on the inflation gap, defined as the difference between inflation and trend inflation, and we ...
Timothy Cogley +2 more
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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
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Are Sticky Prices Costly? Evidence from the Stock Market
, 2013 We show that after monetary policy announcements, the conditional volatility of stock market returns rises more for firms with stickier prices than for firms with more flexible prices.
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On Secular Stagnation and Low Interest Rates: Demography Matters
International Finance, 2017 Nominal and real interest rates in advanced economies have been decreasing since the mid-1980s and reached historical low levels in the aftermath of the global financial crisis.
G. Ferrero, M. Gross, S. Neri
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The American Economic Review, 2023
The reversal interest rate is the rate at which accommodative monetary policy reverses and becomes contractionary for lending. We theoretically demonstrate its existence in a macroeconomic model featuring imperfectly competitive banks that face financial
Joseph Abadi +2 more
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The reversal interest rate is the rate at which accommodative monetary policy reverses and becomes contractionary for lending. We theoretically demonstrate its existence in a macroeconomic model featuring imperfectly competitive banks that face financial
Joseph Abadi +2 more
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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.
Michael D. 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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Does Monetary Policy Matter? The Narrative Approach after 35 Years
Social Science Research Network, 2023The narrative approach to macroeconomic identification uses qualitative sources, such as newspapers or government records, to provide information that can help establish causal relationships.
Christina D. Romer, D. Romer
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Nobel Lecture: Banking, Credit, and Economic Fluctuations
The American Economic Review, 2023Credit markets, including the market for bank loans, are characterized by imperfect and asymmetric information. These informational frictions can interact with other economic forces to produce periods of credit-market stress, in which intermediation is ...
Ben S. Bernanke
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