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A state-level analysis of the Great Moderation

Owyang, Michael T.; Piger, Jeremy M.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2007

the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …

Persistent link: https://www.econbiz.de/10005360567

Macroeconomic dynamics near the ZLB: a tale of two equilibria

Aruoba, S. Boragan; Schorfheide, Frank - Federal Reserve Bank of Philadelphia - 2013

This paper studies the dynamics of a New Keynesian dynamic stochastic general equilibrium (DSGE) model near the zero lower bound (ZLB) on nominal interest rates. In addition to the standard targeted-inflation equilibrium, we consider a deflation equilibrium as well as a Markov sunspot...

Persistent link: https://www.econbiz.de/10010681653

Money and capital: a quantitative analysis

Aruoba, S. Boragan; Waller, Christopher J.; Wright, Randall - Federal Reserve Bank of St. Louis - 2009

We study the effects of money (anticipated inflation) on capital formation. Previous papers on this topic adopt reduced …-form approaches, putting money in the utility function or imposing cash in advance, but use otherwise frictionless models. We follow a … literature that is more explicit about the frictions making money essential. This introduces several new elements, including a …

Persistent link: https://www.econbiz.de/10005077876

Real-time macroeconomic monitoring: real activity, inflation, and interactions

Aruoba, S. Boragan; Diebold, Francis X. - Federal Reserve Bank of Philadelphia - 2010

The authors sketch a framework for monitoring macroeconomic activity in real-time and push it in new directions. In particular, they focus not only on real activity, which has received most attention to date, but also on inflation and its interaction with real activity. As for the recent...

Persistent link: https://www.econbiz.de/10008627185

Biofuel subsidies: an open-economy analysis

Bandyopadhyay, Subhayu; Bhaumik, Sumon; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2009

We present a general equilibrium analysis of biofuel subsidies in an open-economy context. In the small-country case, when a Pigouvian tax on conventional fuels such as crude is in place, the optimal biofuel subsidy is zero. When the tax on crude is not available as a policy option, however, a...

Persistent link: https://www.econbiz.de/10008583256

Regional disparities in the transmission of monetary policy

Owyang, Michael T. (contributor); … - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001979830

Structural breaks and regional disparities in the transmission of monetary policy

Owyang, Michael T.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2004

Using a regional VAR, we find large differences in the effects of monetary policy shocks across regions of the United States. We also find that the region-level effects of monetary policy differ a great deal between the pre-Volcker and Volcker-Greenspan periods in terms of their depth and...

Persistent link: https://www.econbiz.de/10005360583

When do stock market booms occur? the macroeconomic and policy environments of 20th century booms

Bordo, Michael D.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2006

This paper studies the macroeconomic conditions and policy environments under which stock market booms occurred among ten developed countries during the 20th Century. We find that booms tended to occur during periods of above-average growth of real output, and below-average and falling...

Persistent link: https://www.econbiz.de/10005352825

Inflation, monetary policy and stock market conditions: quantitative evidence from a hybrid latent-variable VAR

Bordo, Michael D.; Dueker, Michael J.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2009

This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the second half of the 20th century. We use a latent-variable VAR to estimate the impact of inflation and other macroeconomic shocks on a latent index of stock market conditions. Our...

Persistent link: https://www.econbiz.de/10005352826

The great inflation: did the shadow know better?

Poole, William; Rasche, Robert H.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2008

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. This paper describes how the Committee's policy views differed from those of most Federal Reserve...

Persistent link: https://www.econbiz.de/10005352943