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We present a signalling theory of Quantitative Easing (QE) at the zero lower bound on the short term nominal interest … bank with balance sheet concerns. Numerical experiments show that the signalling effect can be substantial in both models …
Persistent link: https://www.econbiz.de/10012457331
Many authors argue that asymmetric information between the Federal Reserve and the public is important to the conduct … and the effects of monetary policy. This paper tests for the existence of such asymmetric information by examining Federal … Reserve and commercial inflation forecasts. We demonstrate that the Federal Reserve has considerable information about …
Persistent link: https://www.econbiz.de/10012473150
opposite direction of the conventional signaling story. This finding can explain why in some periods exchange rates moved in …
Persistent link: https://www.econbiz.de/10012474662
Monetary policy is conventionally understood to influence labor demand, with little effect on labor supply. We estimate the response of labor market flows to high-frequency changes in interest rates around FOMC announcements and Fed Chair speeches and find that, in contrast to the consensus...
Persistent link: https://www.econbiz.de/10014421195
Much recent research has focused on the development and analysis of extensions of the New Keynesian framework that model labor market frictions and unemployment explicitly. The present paper describes some of the essential ingredients and properties of those models, and their implications for...
Persistent link: https://www.econbiz.de/10012462779
We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications for the unemployment-inflation tradeoff and for the conduct of monetary policy.<br><br>We proceed in two steps. We first leave nominal rigidities aside. We show that, under a standard...
Persistent link: https://www.econbiz.de/10012464750
Government subsidies are often used to stimulate environment-friendly investment. We find that Chinese firms reduce green investment as the uncertainty of subsidies rises. This effect is identified from weather-driven fluctuations in air pollution that lead to fluctuations in subsidy...
Persistent link: https://www.econbiz.de/10014322788
years. In this paper we present new information on its extent and effects. We show that the trend is general: a large number …
Persistent link: https://www.econbiz.de/10012465652
, in an economy where private agents have imperfect information about the determination of monetary policy, central bank …
Persistent link: https://www.econbiz.de/10012466023
Although an increasing body of research promotes the development of universal early education and care programs, little is known about the extent to which these programs affect gender gaps in academic achievement and other developmental outcomes. Analyzing the introduction of universal...
Persistent link: https://www.econbiz.de/10012455422