Taylor Rule Deviations Across Horizons: A Practical Tool for Monetary Policy
Journal of Money, Credit and Banking, EarlyView.Abstract We propose “Taylor rule yields” across horizons for the United States. Applying the standard Taylor rule to expected paths of inflation and the output gap, we construct a sequence of short‐term rates under neutral monetary policy stances, whose average defines the Taylor rule yield at each horizon.
MASAZUMI HATTORI +2 more
wiley +1 more source
Towards an institutional "landscape" view of modern money creation mechanisms and some reflections on their ecological significance. [PDF]
Sustain Sci, 2023 Hook A.
europepmc +1 more source
Policy Biases in a Model with Labor‐Market Frictions
Journal of Money, Credit and Banking, EarlyView.Abstract We develop a model with labor‐market matching frictions that is subject to a range of shocks, including shocks to matching efficiency and bargaining power, and use the model to examine how monetary policy should respond to such shocks. We show that optimal monetary policy responds effectively to these shocks, producing economic outcomes that ...
RICHARD DENNIS, TATIANA KIRSANOVA
wiley +1 more source
Benjamin Cohen on global political order: when Keynes meets realism - and beyond
Contexto Internacional, 2015 This article analyses the trajectory of Benjamin J. Cohen's work by focusing on his ongoing concern with the nature and governance of world order. It does so by playing out his debt to realism and to Keynesianism.
Stefano Guzzini
doaj +1 more source
Monetary Policy and Wealth Effects: The Role of Risk and Heterogeneity
The Journal of Finance, EarlyView.ABSTRACT We study the role of asset revaluation in the monetary transmission mechanism. We build an analytical heterogeneous‐agents model with two main ingredients: (i) rare disasters and (ii) heterogeneous beliefs. The model captures time‐varying risk premia and precautionary savings in a setting that nests the textbook New Keynesian model.
NICOLAS CARAMP, DEJANIR H. SILVA
wiley +1 more source
Social policy in the face of a global pandemic: Policy responses to the COVID-19 crisis. [PDF]
Soc Policy Adm, 2021 Béland D +3 more
europepmc +1 more source
NEW KEYNESIANS, POST KEYNESIANS AND HISTORY
, 2013 The New Keynesian research programme possesses a number of features which are not unattractive to Post Keynesians. New Keynesians reject policy ineffectiveness, laissez-faire New Classical economics, and argue that the economy can lock into underemployment equilibria.
openaire +2 more sources
Monetary Policy, Inflation, and Crises: Evidence from History and Administrative Data
The Journal of Finance, EarlyView.ABSTRACT We show that a U‐shaped monetary rate path increases banking crisis risk, via credit and asset price cycles, analyzing 17 countries over 150 years. Rate hikes (raw or instrumented) increase crisis risk, but only if preceded by prolonged cuts. These patterns are unique to banking crises, unlike noncrisis recessions.
GABRIEL JIMÉNEZ +3 more
wiley +1 more source
FROM THE SUBPRIME TO THE SOVEREIGN CRISIS: WHY KEYNESIANISM DOES NOT WORK
World Review of Political Economy, 2012 This article analyzes the recent global economic crisis in the central capitalist economies from the viewpoint of Marxian political economy. In the first section, it examines the so-called sovereign crisis concerning the deepening
Makoto Itoh
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Institutional Changes, Effective Demand, and Inequality: A Structuralist Model of Secular Stagnation
Metroeconomica, EarlyView.ABSTRACT This paper addresses the factors driving economic stagnation and inequality in the US over recent decades. We study a demand‐driven model with joint adjustment of the functional distribution and capacity utilization in the short run, and explore the dynamics of wealth accumulation and labor productivity growth in the long run.
Vinicius Curti Cícero, Daniele Tavani
wiley +1 more source