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Is There Really an Inflation Tax? Not For the Middle Class and the Ultra-Wealthy
Wolff, Edward N. - National Bureau of Economic Research - 2023
One hallmark of U.S. monetary policy since the early 1980s has been moderation in inflation (at least, until recently). How has this affected household well-being? The paper first develops a new model to address this issue. The inflation tax on income is defined as the difference between the...
Persistent link: https://www.econbiz.de/10014421200
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Monetary Policy Surprises, Credit Costs and Economic Activity
Gertler, Mark - 2014
We provide evidence on the nature of the monetary transmission mechanism. To identify policy shocks in a setting with both economic and financial variables, we combine traditional monetary vector autoregression (VAR) analysis with high frequency identification (HFI) of monetary policy shocks. We...
Persistent link: https://www.econbiz.de/10012458442
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Household Balance Sheet Channels of Monetary Policy : A Back of the Envelope Calculation for the Euro Area
Slacalek, Jiri - 2020
This paper formulates a back of the envelope approach to study the effects of monetary policy on household consumption expenditures. We analyze several transmission mechanisms operating through direct, partial equilibrium channels--intertemporal substitution and net interest rate exposure--and...
Persistent link: https://www.econbiz.de/10012479154
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Monetary policy rules : [papers based on the National Bureau of Economic Research Conference on Research in Business Cycles, held at Stanford University, 1998]
Taylor, John B. (ed.) - 2001 - Paperback ed.
Persistent link: https://www.econbiz.de/10001535296
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Monetary policy rules
Taylor, John B. (ed.) - 1999
Persistent link: https://www.econbiz.de/10001353848
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Monetary-Based Asset Pricing : A Mixed-Frequency Structural Approach
Bianchi, Francesco; Ludvigson, Sydney C.; Ma, Sai - National Bureau of Economic Research - 2022
We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation …. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why … financial market risk. However, the structural estimation also finds that much of the causal impact of monetary policy on …
Persistent link: https://www.econbiz.de/10013210100
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Has US Monetary Policy Changed? Evidence from Drifting Coefficients and Real-Time Data
Boivin, Jean - 2005
coefficients. The estimation is based on real-time data and accounts for the presence of heteroskedasticity in the policy shock …-sample estimation. In contrast to Orphanides (2002, 2003), I find that the Fed's response to the real-time forecast of inflation was …
Persistent link: https://www.econbiz.de/10012467369
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Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?
Chinn, Menzie D. - 1997
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences...
Persistent link: https://www.econbiz.de/10012472722
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The Long and Variable Lags of Monetary Policy : Evidence from Disaggregated Price Indices
Aruoba, S. Borağan; Drechsel, Thomas - National Bureau of Economic Research - 2024
We study how monetary policy affects subcomponents of the Personal Consumption Expenditures Price Index (PCEPI) using local projections. Following a monetary policy contraction, the response of aggregate PCEPI turns significantly negative after over three years. There are stark differences in...
Persistent link: https://www.econbiz.de/10014576652
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Inequality and the Zero Lower Bound
Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - National Bureau of Economic Research - 2023
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully non-linear stochastic...
Persistent link: https://www.econbiz.de/10014287383