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Monetary policy & anchored expectations—An endogenous gain learning model
Journal of Monetary Economics, 2023This paper analyzes monetary policy in a model with a potential unanchoring of inflation expectations. The degree of unanchoring is given by how sensitively the public’s long-run inflation expectations respond to inflation surprises.
Laura Gáti
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Social Science Research Network, 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
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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
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Risk, Monetary Policy and Asset Prices in a Global World
Social Science Research Network, 2023We study how monetary policy and risk shocks affect major asset prices (short-term interest rates, stocks, long-term bonds) in three large economies: the US, the euro area, and Japan. Using a high-frequency framework, we fail to find evidence in favor of
G. Bekaert, Marie Hoerova, Nancy R. Xu
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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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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
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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
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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
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How Do Central Banks Control Inflation? A Guide for the Perplexed
Journal of Economic LiteratureCentral banks have a primary goal of price stability. They pursue it using tools that include the interest they pay on reserves, the size and the composition of their balance sheet, and the dividends they distribute to the fiscal authority.
L. Castillo-Martínez, R. Reis
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Nonbank Lending and the Transmission of Monetary Policy
Social Science Research NetworkWe analyze the role of nonbank lenders in the transmission of monetary policy using data on the universe of unsecured credit to firms and households in Denmark.
Dominic Cucic, Denis Gorea
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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
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