Results 31 to 40 of about 72,334 (46)
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Whatever it Takes? The Impact of Conditional Policy Promises
Social Science Research Network, 2023At the announcement of a new policy, agents form a view of state-contingent policy actions and impact. We develop a method to estimate this state-contingent perception and implement it for many asset-purchase interventions worldwide.
Valentin Haddad+2 more
semanticscholar +1 more source
The Long-Run Phillips Curve is ... A Curve
Social Science Research Network, 2023In U.S. data, inflation and output are negatively related in the long run. A Bayesian VAR with stochastic trends generalized to be piecewise linear provides robust reduced-form evidence in favor of a threshold level of trend inflation below which ...
G. Ascari, Paolo Bonomolo, Qazi Haque
semanticscholar +1 more source
Losing traction? The real effects of monetary policy when interest rates are low
Social Science Research Network, 2023Are there limits to how far reductions in interest rates can boost aggregate demand? In particular, as interest rates fall to very low levels, does the effectiveness of monetary policy in boosting the economy wane?
Rashad Ahmed+3 more
semanticscholar +1 more source
The American Economic Review, 2021
We develop a deep learning model to detect emotions embedded in press conferences after the Federal Open Market Committee meetings and examine the influence of the detected emotions on financial markets.
Y. Gorodnichenko+2 more
semanticscholar +1 more source
We develop a deep learning model to detect emotions embedded in press conferences after the Federal Open Market Committee meetings and examine the influence of the detected emotions on financial markets.
Y. Gorodnichenko+2 more
semanticscholar +1 more source
Inattention and the Impact of Monetary Policy
Journal of applied econometrics, 2023We measure aggregate inattention as the common component in agents’ inattentiveness to many economic variables. Applying this measure to the U.S. Survey of Professional Forecasters enables us to establish the following empirical evidence.
Zidong An, Salem Abo-Zaid, X. Sheng
semanticscholar +1 more source
Measuring Monetary Policy in the Euro Area Using SVARs with Residual Restrictions
American Economic Journal: Macroeconomics, 2023This study measures the effects of monetary policy in the euro area using a small number of sign and magnitude restrictions on the residuals of a structural vector autoregression.
Harald Badinger, Stefan Schiman
semanticscholar +1 more source
Central Bank Credibility and Fiscal Responsibility
Social Science Research Network, 2023We consider a New Keynesian model with strategic monetary and fiscal interactions. The fiscal authority maximizes social welfare. Monetary policy is delegated to a central bank with an anti-inflation bias that suffers from a lack of commitment.
Jesse Schreger+2 more
semanticscholar +1 more source
The Fed and the Secular Decline in Interest Rates
The Review of financial studiesThis paper documents a striking fact: a narrow window around Fed meetings captures the entire secular decline in U.S. Treasury yields. Yield movements outside this window are transitory and wash out over time.
Sebastian Hillenbrand
semanticscholar +1 more source
The ECB's Asset Purchase Programme: An Early Assessment
Social Science Research Network, 2016This paper analyses the effects of the European Central Bank's expanded asset purchase programme (APP) on yields and on the macroeconomy, and sheds some light on its transmission channels.
P. Andrade+4 more
semanticscholar +1 more source
Fiscal and Monetary Policy Interactions in a Model with Low Interest Rates
American Economic Journal: MacroeconomicsWe provide a new Keynesian model where entrepreneurs face uninsurable idiosyncratic investment risk and credit constraints. Government bonds provide liquidity services.
Jianjun Miao, Dongling Su
semanticscholar +1 more source