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Optimal fiscal and monetary policy : equivalence results

Correia, Isabel Horta (contributor); … - 2002 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001761447

Optimal fiscal and monetary policy: equivalence results

Correia, Isabel; Nicolini, Juan Pablo; Teles, Pedro - Federal Reserve Bank of Chicago - 2002

In this paper, we analyze the implications of price setting restrictions for the conduct of cyclical fiscal and monetary policy. We consider an environment with monopolistic competitive firms, a shopping time technology, prices set one period in advance, and government expenditures that must be...

Persistent link: https://www.econbiz.de/10005419923

Economic determinants of the nominal treasury yield curve

Evans, Charles L.; Marshall, David - Federal Reserve Bank of Chicago - 2001

We study the effect of different types of macroeconomic impulses on the nominal yield curve. We employ two distinct approaches to identifying economic shocks in VARs. Our first approach uses a structural VAR due to Galí (1992). Our second strategy identifies fundamental impulses from...

Persistent link: https://www.econbiz.de/10005419944

Nominal debt as a burden on monetary policy

Díaz-Giménez, Javier; Giovannetti, Giorgia; Marimon, Ramon - Federal Reserve Bank of Chicago - 2004

We study the effects of nominal debt on the optimal sequential choice of monetary and debt policy. When the stock of debt is nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated inflation episodes occur in equilibrium....

Persistent link: https://www.econbiz.de/10005419963

Escaping the Great Recession

Bianchi, Francesco; Melosi, Leonardo - Federal Reserve Bank of Chicago - 2014

While high uncertainty is an inherent implication of the economy entering the zero lower bound, deflation is not, because agents are likely to be uncertain about the way policymakers will deal with the large stock of debt arising from a severe recession. We draw this conclusion based on a...

Persistent link: https://www.econbiz.de/10011099907

Quantitative Easing in Joseph's Egypt with Keynesian Producers

Campbell, Jeffrey R. - Federal Reserve Bank of Chicago - 2014

This paper considers monetary and fiscal policy when tangible assets can be accumulated after shocks that increase desired savings, like Joseph's biblical prophecy of seven fat years followed by seven lean years. The model’s flexible-price allocation mimics Joseph’s saving to smooth...

Persistent link: https://www.econbiz.de/10011099911

Firm Dynamics and the Minimum Wage: A Putty-Clay Approach

Aaronson, Daniel; French, Eric; Sorkin, Isaac - Federal Reserve Bank of Chicago - 2013

We document two new facts about the market-level response to minimum wage hikes: firm exit and entry both rise. These results pose a puzzle: canonical models of firm dynamics predict that exit rises but that entry falls. We develop a model of firm dynamics based on putty-clay technology and show...

Persistent link: https://www.econbiz.de/10010739555

The Effects of the Saving and Banking Glut on the U.S. Economy

Justiniano, Alejandro; Primiceri, Giorgio E.; … - Federal Reserve Bank of Chicago - 2013

We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...

Persistent link: https://www.econbiz.de/10010735412

Human Capital Risk, Contract Enforcement, and the Macroeconomy

Krebs, Tom; Kuhn, Moritz; Wright, Mark L. J. - Federal Reserve Bank of Chicago - 2014

We use data from the Survey of Consumer Finance and Survey of Income Program Participation to show that young households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable macroeconomic model with human capital risk, age-dependent...

Persistent link: https://www.econbiz.de/10011093784

Women and the Phillips curve : do women's and men's labor market outcomes differentially affect real wage growth and inflation

Anderson, Katharine (contributor); Barrow, Lisa (contributor) - 2003 - [Elektronische Ressource]

unemployment. Juhn, Murphy, and Topel (2002) point out that the low unemployment rates for men in the 1990s were accompanied by … historically high rates of non-employment suggesting that the 1990s economy was not as strong as the unemployment rate might … increase in women's labor force participation more than offsets the decline for men, and low unemployment rates in the 1990s …

Persistent link: https://www.econbiz.de/10001920872

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