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The Equity Premium and the Business Cycle: the Role of Demand and Supply Shocks
Smith, Peter N; Sorensen, Steffen; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2009
This paper explores the effects of the US business cycle on US stock market returns through an analysis of the equity risk premium. We propose a new methodology based on the SDF approach to asset pricing that allows us to uncover the different effects of aggregate demand and supply shocks. We...
Persistent link: https://www.econbiz.de/10005791523
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The Natural Rate Hypothesis: An idea past its sell-by-date
Farmer, Roger E A - C.E.P.R. Discussion Papers - 2013
Central banks throughout the world predict inflation with new-Keynesian models where, after a shock, the unemployment …
Persistent link: https://www.econbiz.de/10011084150
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Inflation and Inequality
Albanesi, Stefania - C.E.P.R. Discussion Papers - 2002
Cross-country evidence on inflation and inequality suggests that they are positively correlated. I explore the …
Persistent link: https://www.econbiz.de/10005792380
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Finance and the Preservation of Wealth
Gennaioli, Nicola; Shleifer, Andrei; Vishny, Robert - C.E.P.R. Discussion Papers - 2014
We introduce the model of asset management developed in Gennaioli, Shleifer, and Vishny (GSV, 2014) into a Solow-style neoclassical growth model with diminishing returns to capital. Savers rely on trusted intermediaries to manage their wealth (claims on capital stock), who can charge fees above...
Persistent link: https://www.econbiz.de/10011084567
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What Happened in Cyprus?
Michaelides, Alexander - C.E.P.R. Discussion Papers - 2014
This is a case study of how a country nearly reached bankruptcy in March 2013, within five years from entering the Eurozone. The magnitude of the requested assistance is extremely large relative to GDP (100%) and studying this event provides useful lessons for avoiding such crises in the future....
Persistent link: https://www.econbiz.de/10011084648
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Animal Spirits, Persistent Unemployment and the Belief Function
Farmer, Roger E A - C.E.P.R. Discussion Papers - 2010
This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer’s (2009) model in which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model; the optimizing IS curve and the policy rule. It...
Persistent link: https://www.econbiz.de/10008692320
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The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe
Bofinger, Peter - C.E.P.R. Discussion Papers - 1990
inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …
Persistent link: https://www.econbiz.de/10005123602
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The Central Banker as a Risk Manager: Quantifying and Forecasting Inflation Risks
Kilian, Lutz; Manganelli, Simone - C.E.P.R. Discussion Papers - 2003
situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …
Persistent link: https://www.econbiz.de/10005123620
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The Time-varying NAIRU and its Implications for Economic Policy
Gordon, Robert J - C.E.P.R. Discussion Papers - 1996
This paper estimates the NAIRU (standing for the Non-Accelerating Inflation Rate of Unemployment) as a parameter that … varies over time. The NAIRU is the unemployment rate that is consistent with a constant rate of inflation. Its value is … determined in an econometric model in which the inflation rate depends on its own past values (‘inertia’), demand shocks proxied …
Persistent link: https://www.econbiz.de/10005123935
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Trends in European Productivity and Real Exchange Rates: Implications for the Maastricht Convergence Criteria and for Inflation Targets after EMU
Canzoneri, Matthew B; Diba, Behzad; Fudey, Gwen - C.E.P.R. Discussion Papers - 1996
While overall inflation has fallen dramatically in countries like Italy and Spain, inflation in the home good sector … remains stubbornly higher than inflation in the traded good sector. If nominal exchange rates are fixed, these real … appreciations imply an inflation differential with countries like Germany. We first show that the real appreciations can be …
Persistent link: https://www.econbiz.de/10005136589