Results 31 to 40 of about 73,899 (47)
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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
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 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 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
Monetary Policy and the Labor Market: A Quasi-Experiment in Sweden
Social Science Research NetworkWe analyze a monetary quasi–experiment in Sweden from 2010–2011, when the Riksbank raised the interest rate substantially. We argue that this increase was beyond what labor market conditions warranted, driven instead by new concerns about financial ...
J. Coglianese +2 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
Production Networks and the Flattening of the Phillips Curve
Social Science Research NetworkThis paper analyzes the role of changes in the structure of production networks on the flattening of the Phillips curve over the last decades. I build a multi-sector model with production networks, and heterogeneity in input-output linkages and in degree
Christian Höynck
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
Assessing the Stabilizing Effects of Unemployment Benefit Extensions
American Economic Journal: MacroeconomicsWe study the stabilizing role of benefit extensions. We develop a tractable quantitative model with heterogeneous agents, search frictions, and nominal rigidities.
Alexey Gorn, A. Trigari
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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