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Monetary policy in an economy with nominal wage contracts

Carlstrom, Charles T. - Federal Reserve Bank of Cleveland - 1987

A demonstration that optimal monetary policy can be either procyclical or countercyclical in a model where wages are …

Persistent link: https://www.econbiz.de/10005428218

Nominal rigidities and the dynamic effects of a shock to monetary policy

Christiano, Lawrence J.; Eichenbaum, Martin; Evans, Charles - Federal Reserve Bank of Cleveland - 2001

The authors’ model, embodying moderate amounts of nominal rigidities, accounts for the observed inertia in inflation and persistence in output. The key features of their model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these...

Persistent link: https://www.econbiz.de/10005428259

Monetary policy under rational expectations with multiperiod wage stickiness and an economy-wide credit market

Hoehn, James G. - Federal Reserve Bank of Cleveland - 1987

A reconsideration of the role of monetary policy in a multiperiod sticky-wage model that incorporates rational expectations and displays the natural rate property.

Persistent link: https://www.econbiz.de/10005428428

Global monetary integration : a conference sponsored by the Federal Reserve Bank of Cleveland, June 1 - 3, 2000

Humpage, Owen F. (contributor) - 2001

Persistent link: https://www.econbiz.de/10001580595

Drifting Inflation Targets and Monetary Stagflation

Knotek, Edward S. Knotek, II; Khan, Shujaat - Federal Reserve Bank of Cleveland - 2014

This paper revisits the phenomenon of stagflation. Using a standard New Keynesian dynamic, stochastic general equilibrium model, we show that stagflation from monetary policy alone is a very common occurrence when the economy is subject to both deviations from the policy rule and a drifting...

Persistent link: https://www.econbiz.de/10010960454

Frequency Dependence in a Real-Time Monetary Policy Rule

Ashley, Richard; Tsang, Kwok Ping; Verbrugge, Randal John - Federal Reserve Bank of Cleveland - 2014

We estimate a monetary policy rule for the US allowing for possible frequency dependence—i.e., allowing the central bank to respond differently to more persistent innovations than to more transitory innovations, in both the unemployment rate and the inflation rate. Our estimation method uses...

Persistent link: https://www.econbiz.de/10011075146

The Impact of Missed Payments and Foreclosures on Credit Scores

Demyanyk, Yuliya - Federal Reserve Bank of Cleveland - 2014

This paper debunks the common perception that “foreclosure will ruin your credit score.” Using individual-level data from a credit bureau matched with loan-level mortgage data, it is estimated that the very first missed mortgage payment leads to the biggest reduction in credit scores. The...

Persistent link: https://www.econbiz.de/10011114913

How amenities affect job and wage choices over the life cycle

Nosal, Ed (contributor); Rupert, Peter (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002542613

A multi-sectoral approach to the U.S. Great Depression

Amaral, Pedro S.; MacGee, James C. - Federal Reserve Bank of Cleveland - 2009

We document sectoral differences in changes in output, hours worked, prices, and nominal wages in the United States …. One sector is assumed to have flexible nominal wages, while nominal wages in the other sector are set using Taylor …. Alternatively, if wages are set using Calvo-type contracts, the decline in output is even smaller. …

Persistent link: https://www.econbiz.de/10008636217

Job separations, heterogeneity, and earnings inequality

Amaral, Pedro S. - Federal Reserve Bank of Cleveland - 2009

Changes in the fraction of workers experiencing job separations can account for most of the increase in earnings dispersion that occurred both between, as well as within educational groups in the United States from the mid-1970s to the mid- 1980s. This is not true of changes in average earnings...

Persistent link: https://www.econbiz.de/10008636222

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