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Monetary Magic? How the Fed Improved the Supply Side of the Economy

Sgherri, Silvia; Bayoumi, Tamim - Econometric Society - 2004

Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the...

Persistent link: https://www.econbiz.de/10005702768

Asymmetric Information, Stock Returns and Monetary Policy: A Theoretical and Empirical Analysis

Tas, Bedri Kamil Onur - Econometric Society - 2004

It is known that stock returns are affected by monetary policy. This paper theoretically and empirically investigates whether asymmetric information between the Federal Reserve and the public causes the relation between stock returns and monetary policy actions. The paper concludes that...

Persistent link: https://www.econbiz.de/10005130171

The Effects of Heterogeneity in Price Setting on Price and Inflation Inertia

Carvalho, Carlos Viana de - Econometric Society - 2004

This paper analyzes the implications of heterogeneity in price setting for both price and inflation inertia. Standard … only ex-post heterogeneity. While it is known that these models have different implications in terms of the dynamic effects … of monetary shocks, the role of heterogeneity has not yet been properly explored. In a simple framework, this paper …

Persistent link: https://www.econbiz.de/10005328863

Estimating Monetary Policy Effects When Interest Rates are Bounded at Zero

Wu, Shu; Iwata, Shigeru - Econometric Society - 2004

Using a nonlinear structural VAR approach, we estimate the effects of exogenous monetary policy shocks in the presence of a zero lower bound constraint on nominal interest rates and examine the impact of such a constraint on the effectiveness of counter-cyclical monetary policies based on the...

Persistent link: https://www.econbiz.de/10005063754

How to Depart Earlier From a Recession?

Choi, Se Kyu; Larraín, Felipe - Econometric Society - 2004

Empirical studies of economic growth across countries are abundant and rich in conclusions, some of them widely accepted. This is not the case, however, with the empirics of business cycles. Particularly, there exists little evidence explaining why some countries take more time than others...

Persistent link: https://www.econbiz.de/10005129795

Evaluating Monetary Policy When Nominal Interest Rates Are Almost Zero

Fujiwara, Ippei - Econometric Society - 2004

The non-negativity constraint on nominal interest rates may have been a major factor behind a putative structural break in the effectiveness of monetary policy. To check for the existence of such a break without making prior assumptions about timing, and to enable comparison between pre- and...

Persistent link: https://www.econbiz.de/10005130248

A Dynamic Factor Approach to Nonlinear Stability Analysis

Shintani, Mototsugu - Econometric Society - 2004

A method of principal components is employed to investigate nonlinear dynamic factor structure using a large panel data. The evidence suggests the possibility of nonlinearity in the U.S. while it excludes the class of nonlinearity that can generate endogenous fluctuation or chaos

Persistent link: https://www.econbiz.de/10005130249

A Dynamic Analysis of the Evolution of Conventions in a Public Goods Experiment with Intergenerational Advice

Graziano, Sara; Chaudhuri, Ananish; Maitra, Pushkar - Econometric Society - 2004

In this paper we analyse contributions to a public good within an inter-generational framework where at the end of each session one generation of subjects leave advice for the succeeding generation via free form messages. Such advice can be private (advice left by one player in generation t is...

Persistent link: https://www.econbiz.de/10005342167

Is There a "Race-to-the-Bottom" in the Setting of Welfare Benefit Levels? Evidence from a Policy Intervention

Edmark, Karin; Dahlberg, Matz - Econometric Society - 2004

In this paper we investigate whether local governments react on the welfare benefit levels in neighboring jurisdictions when setting their own benefit levels. We solve the simultaneity problem arising from the welfare game by utilizing a policy intervention; more specifically, we use a centrally...

Persistent link: https://www.econbiz.de/10005342208

Measuring Economies of Vertical Integration in Network

Reynaud, Arnaud; Garcia, Serge; Moreaux, Michel - Econometric Society - 2004

This paper provides a framework that aims at distinguishing the technological economies of vertical integration from the vertical economies resulting from market imperfections. To illustrate our analyze, we use consistent panel data econometric methods to estimate cost functions on a sample of...

Persistent link: https://www.econbiz.de/10005342268

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