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Does Policy Communication During Covid Work?

Coibion, Olivier - 2020

Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households' expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations...

Persistent link: https://www.econbiz.de/10012830487

What Ends Recessions?

Romer, Christina D.; Romer, David H. - 2022

This paper analyzes the contributions of monetary and fiscal policy to postwar economic recoveries. We find that the Federal Reserve typically responds to downturns with prompt and large reductions in interest rates. Discretionary fiscal policy, in contrast, rarely reacts before the trough in...

Persistent link: https://www.econbiz.de/10013309225

The subjective inflation expectations of households and firms : measurement, determinants, and implications

Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022

Persistent link: https://www.econbiz.de/10013269793

Measuring the Output Responses to Fiscal Policy

Auerbach, Alan J. - 2010

A key issue in current research and policy is the size of fiscal multipliers when the economy is in recession. We …

Persistent link: https://www.econbiz.de/10013138770

Macroeconomic Frameworks

Auerbach, Alan J. - 2019

study the effects of fiscal stimulus. Our small-open-economy empirical setting permits us to estimate key macroeconomic …

Persistent link: https://www.econbiz.de/10012861210

A Model of the Safe Asset Mechanism (Sam) : Safety Traps and Economic Policy

Caballero, Ricardo J. - 2013

The global economy has a chronic shortage of safe assets which lies behind many recent macroeconomic imbalances. This ….) that support future bad states of the economy play a central role in the SAM environment, while policy-calls that support …

Persistent link: https://www.econbiz.de/10013087881

Understanding the Fiscal Theory of the Price Level

Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021

Persistent link: https://www.econbiz.de/10013223567

The Evolution of Economic Understanding and Postwar Stabilization Policy

Romer, Christina D.; Romer, David H. - 2022

functioning of the economy and the effects of policy. We document the changes in beliefs using contemporaneous discussions of the … economy and policy by monetary and fiscal policymakers and, for the period since the late 1960s, using the Federal Reserve …'s internal forecasts. We find that policymakers' understanding of the economy has not exhibited steady improvement. Instead, the …

Persistent link: https://www.econbiz.de/10013322316

A model of asset price spirals and aggregate demand amplification of a "Covid-19" shock

Caballero, Ricardo J.; Simsek, Alp - 2020

Persistent link: https://www.econbiz.de/10012230394

The Great Depression and the Friedman-Schwartz Hypothesis

Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2022

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...

Persistent link: https://www.econbiz.de/10013309234