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Monetary Policy Drivers of Bond and Equity Risks
Campbell, John Y. - 2014
with habit formation preferences that prices both bonds and stocks. The model attributes the increase in bond risks in the … 1980s to a shift towards strongly anti-inflationary monetary policy, while the decrease in bond risks after 2000 is …. Endogenous responses of bond risk premia amplify these effects of monetary policy on bond risks …
Persistent link: https://www.econbiz.de/10012458594
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The I Theory of Money
Brunnermeier, Markus K. - 2016
A theory of money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside money. In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside money, exactly when money demand rises. The resulting...
Persistent link: https://www.econbiz.de/10012456146
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Technology Shocks in the New Keynesian Model
Ireland, Peter N. - 2004
's technology shock in driving aggregate fluctuations. A version of this model, estimated via maximum likelihood, points to these …
Persistent link: https://www.econbiz.de/10012468385
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Managing an Energy Shock : Fiscal and Monetary Policy
Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023
demand. Fiscal policy, especially energy price subsidies, can isolate individual energy importers from the shock, but it has …
Persistent link: https://www.econbiz.de/10014337777
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Macroeconomic Regimes
Baele, Lieven - 2011
We estimate a New-Keynesian macro model accommodating regime-switching behavior in monetary policy and in macro shocks. Key to our estimation strategy is the use of survey-based expectations for inflation and output. We identify accommodating monetary policy before 1980, with activist monetary...
Persistent link: https://www.econbiz.de/10012461567
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A New Keynesian Perspective on the Great Recession
Ireland, Peter N. - 2010
With an estimated New Keynesian model, this paper compares the "Great Recession" of 2007-09 to its two immediate predecessors in 1990-91 and 2001. The model attributes all three downturns to a similar mix of aggregate demand and supply disturbances. The most recent series of adverse shocks...
Persistent link: https://www.econbiz.de/10012462236
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Can Learnability Save New-Keynesian Models?
Cochrane, John H. - 2009
not. However, he assumes that agents can directly observe the monetary policy shock. Reversing this assumption, I find the …
Persistent link: https://www.econbiz.de/10012463190
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News Shocks and Optimal Monetary Policy
Lorenzoni, Guido - 2007
socially desirable. I consider an environment with dispersed information and two aggregate shocks: a productivity shock and a … "news shock" which affects aggregate beliefs. Neither the central bank nor individual agents can distinguish the two shocks …
Persistent link: https://www.econbiz.de/10012465758
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Real Business Cycles : A New Keynesian Perspective
Mankiw, N. Gregory - 1989
This paper is a critique of the latest new classical theory of economic fluctuations. According to this theory, the business cycle is the natural and efficient response of the economy to exogenous changes in the available production technology. This paper discusses several versions of this...
Persistent link: https://www.econbiz.de/10012476172
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Supply Shocks and Optimal Monetary Policy
Turnovsky, Stephen J. - 1986
completely general supply disturbances, using simple monetary rules based only on: (i) the current shock, (ii) the previous … forecast of the current shock, (iii) the forecast for just one period ahead. The optimal rule can be expressed in an infinite …
Persistent link: https://www.econbiz.de/10012477084