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The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies
Engen, Eric M.; Laubach, Thomas; Reifschneider, David L. - Federal Reserve Board (Board of Governors of the … - 2015
After reaching the effective lower bound for the federal funds rate in late 2008, the Federal Reserve turned to two unconventional policy tools--quantitative easing and increasingly explicit and forward-leaning guidance for the future path of the federal funds rate--in order to provide...
Persistent link: https://www.econbiz.de/10011273701
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Inflation Expectations and Recovery from the Depression in 1933: Evidence from the Narrative Record
Jalil, Andrew; Rua, Gisela - Federal Reserve Board (Board of Governors of the … - 2015
This paper uses the historical narrative record to determine whether inflation expectations shifted during the second quarter of 1933, precisely as the recovery from the Great Depression took hold. First, by examining the historical news record and the forecasts of contemporary business...
Persistent link: https://www.econbiz.de/10011273691
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Inflation Dynamics During the Financial Crisis
Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - Federal Reserve Board (Board of Governors of the … - 2015
Firms with limited internal liquidity significantly increased prices in 2008, while their liquidity unconstrained counterparts slashed prices. Differences in the firms' price-setting behavior were concentrated in sectors likely characterized by customer markets. We develop a model, in which...
Persistent link: https://www.econbiz.de/10011255348
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Consumers' Attitudes and Their Inflation Expectations
Ehrmann, Michael; Pfajfar, Damjan; Santoro, Emilianio - Federal Reserve Board (Board of Governors of the … - 2015
This paper studies consumers' inflation expectations using micro-level data from the Surveys of Consumers conducted by University of Michigan. It shows that beyond the well-established socio-economic factors such as income, age or gender, other characteristics such as the households' financial...
Persistent link: https://www.econbiz.de/10011261278
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Pricing decisions in an experimental dynamic stochastic general equilibrium economy
Noussair, Charles N.; Pfajfar, Damjan; Zsiros, Janos - Federal Reserve Board (Board of Governors of the … - 2014
productivity shock and positively by the output gap. Lagged real interest rate has a negative effect on prices, unless human …
Persistent link: https://www.econbiz.de/10011075123
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Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation - Comment
Arias, Jonas E.; Ascari, Guido; Branzoli, Nicola; … - Federal Reserve Board (Board of Governors of the … - 2014
Working with a small-scale calibrated New-Keynesian model, Coibion and Gorodnichenko (2011) find that the reduction in trend inflation during Volcker's mandate was a key factor behind the Great Moderation. We revisit this finding with an estimated New-Keynesian model with trend inflation and no...
Persistent link: https://www.econbiz.de/10011268461
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Productivity growth and the Phillips curve in Canada
Gruber, Joseph W. - Federal Reserve Board (Board of Governors of the … - 2003
This study examines the impact of productivity growth on the relationship between inflation and unemployment in Canada …. Recently it has been suggested that higher productivity growth is responsible for a shift in the U.S. Phillips curve that … United States, and the degree to which higher productivity growth explains this shift. …
Persistent link: https://www.econbiz.de/10005368166
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The transmission of domestic shocks in the open economy
Erceg, Christopher J.; Gust, Christopher; … - Federal Reserve Board (Board of Governors of the … - 2007
This paper uses an open economy DSGE model to explore how trade openness affects the transmission of domestic shocks. For some calibrations, closed and open economies appear dramatically different, reminiscent of the implications of Mundell-Fleming style models. However, we argue such stark...
Persistent link: https://www.econbiz.de/10005368202
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Inflation persistence and optimal monetary policy in the euro area
Benigno, Pierpaolo; López-Salido, David - Federal Reserve Board (Board of Governors of the … - 2002
In this paper we first present supporting evidence of the existence of heterogeneity in inflation dynamics across euro area countries. Based on the estimation of New Phillips Curves for five major countries of the euro area, we find that there is significant inertial (backward looking) behavior...
Persistent link: https://www.econbiz.de/10005372538
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The expectations trap hypothesis
Christiano, Lawrence J.; Gust, Christopher - Federal Reserve Board (Board of Governors of the … - 2000
We explore a hypothesis about the take-off in inflation that occurred in the early 1970s. According to the expectations trap hypothesis, the Fed was pushed into producing the high inflation out of a fear of violating the public's inflation expectations. We compare this hypothesis with the...
Persistent link: https://www.econbiz.de/10005372608