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The cost of nominal inertia in NNS models
Canzoneri, Matthew B.; Cumby, Robert; Diba, Behzad - 2004
"We calculate the welfare cost of nominal inertia in a New Neoclassical Synthesis model with wage and price stickiness, capital formation, and empirically estimated rules for government spending and the cental bank's interest rate policy. We calibrate our model to U.S. data, and we show that it...
Persistent link: https://www.econbiz.de/10002443016
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Remittance flows and U.S. monetary policy
Machasio, Immaculate; Tillmann, Peter - 2021 - This version: October 27, 2021
Remittance inflows are driven by macroeconomic conditions in the home and the host economies, respectively. In this paper, we study the effect of U.S. monetary policy on remittance flows into economies in Latin American and the Caribbean. The role of Fed policy for remittances has not yet been...
Persistent link: https://www.econbiz.de/10012694427
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The Fed's perceived Phillips curve : vidence from individual FOMC forecasts
Tillmann, Peter - 2009
on individual forecasts for unemployment and inflation submitted by each individual FOMC member, which was recently made … policymakers were aware of these changes in real-time. -- inflation forecast ; NAIRU ; Phillips curve ; monetary policy ; Federal …
Persistent link: https://www.econbiz.de/10003908176
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Regime-dependent effects of monetary policy shocks : evidence from threshold vector autoregressions
Mandler, Martin - 2010
autoregressive model. In a high inflation regime the standard results from the literature obtain. In a low inflation regime output … shows no significant response to monetary policy while the inflation response is negative. The paper endogenously determines …
Persistent link: https://www.econbiz.de/10003950519
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Strategic forecasting on the FOMC
Tillmann, Peter - 2010
deciding about interest rate policy, members individually formulate regular inflation forecasts. This paper uncovers systematic … differences in individual inflation forecasts submitted by voting and non-voting members. Based on a data set with individual … forecasts recently made available it is shown that non-voters systematically overpredict inflation relative to the consensus …
Persistent link: https://www.econbiz.de/10003962970
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Does neoclassical theory account for the effects of big fiscal shocks? : Evidence from World War II
McGrattan, Ellen R.; Ohanian, Lee E. - 2006
Persistent link: https://www.econbiz.de/10003309318
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How far are we from the slippery slope? : the Laffer curve revisited
Trabandt, Mathias; Uhlig, Harald - 2009
Persistent link: https://www.econbiz.de/10003885892
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Investment and value : a neoclassical benchmark
Eberly, Janice C.; Rebelo, Sérgio; Vincent, Nicolas - 2008
"Which investment model best fits firm-level data? To answer this question we estimate alternative models using Compustat data. Surprisingly, the two best-performing specifications are based on Hayashi's (1982) model. This model's foremost implication, that Q is a sufficient statistic for...
Persistent link: https://www.econbiz.de/10003680601
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Unmeasured investment and the puzzling US boom in the 1990s
McGrattan, Ellen R.; Prescott, Edward C. - 2007
Persistent link: https://www.econbiz.de/10003572469
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Social security and saving : an update
Slavov, Sita N.; Gorry, Devon; Gorry, Aspen; Caliendo, Frank - 2017
Persistent link: https://www.econbiz.de/10011685878