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Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries
Aruoba, S. Boragan; Schorfheide, Frank; Cuba-Borda, Pablo - National Bureau of Economic Research (NBER) - 2013
central bank to keep rates near the ZLB doubles the fiscal multipliers in the targeted-inflation regime (U.S.), it has no …
Persistent link: https://www.econbiz.de/10010969307
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The Great Leveraging
Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2012
economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever …
Persistent link: https://www.econbiz.de/10010969386
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How Much Do Official Price Indexes Tell Us about Inflation?
Weinstein, David; Handbury, Jessie; Watanabe, Tsutomu - National Bureau of Economic Research (NBER) - 2013
Official price indexes, such as the CPI, are imperfect indicators of inflation calculated using ad hoc price formulae different from the theoretically well-founded inflation indexes favored by economists. This paper provides the first estimate of how accurately the CPI informs us about "true"...
Persistent link: https://www.econbiz.de/10010969400
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Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9
Adrian, Tobias; Colla, Paolo; Shin, Hyun Song - National Bureau of Economic Research (NBER) - 2012
suggests that although bank lending to firms declines during the crisis, bond financing actually increases to make up much of …
Persistent link: https://www.econbiz.de/10010969432
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Federal Reserve Policy and Bretton Woods
Bordo, Michael David; Humpage, Owen F. - National Bureau of Economic Research (NBER) - 2014
During the Bretton Woods era, balance-of-payments developments, gold losses, and exchange-rate concerns had little influence on Federal Reserve monetary policy, even after 1958 when such issues became critical. The Federal Reserve could largely disregard international considerations because the...
Persistent link: https://www.econbiz.de/10010969444
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A Theory of Macroprudential Policies in the Presence of Nominal Rigidities
Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2013
We propose a theory of monetary policy and macroprudential interventions in financial markets. We focus on economies with nominal rigidities in goods and labor markets and subject to constraints on monetary policy, such as the zero lower bound or fixed exchange rates. We identify an aggregate...
Persistent link: https://www.econbiz.de/10010969453
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Shifting Mandates: The Federal Reserve's First Centennial
Reinhart, Carmen; Rogoff, Kenneth S - National Bureau of Economic Research (NBER) - 2013
1913 on financial stability, to fiscal financing in World War II and its aftermath, to a strong anti-inflation focus from …
Persistent link: https://www.econbiz.de/10010950652
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Qualitative Easing: How it Works and Why it Matters
Farmer, Roger E. A. - National Bureau of Economic Research (NBER) - 2012
through central bank purchases of privately held risky assets and their replacement by government debt, with a return that is … they are born. I show that a change in the asset composition of the central bank's balance sheet will change equilibrium … asset prices. Further, I prove that a policy in which the central bank stabilizes fluctuations in the stock market is Pareto …
Persistent link: https://www.econbiz.de/10010950771
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Crowding Out Redefined: The Role of Reserve Accumulation
Reinhart, Carmen; Tashiro, Takeshi - National Bureau of Economic Research (NBER) - 2013
differently, reserve accumulation involves an official institution (i.e., the central bank) funneling domestic saving abroad and …
Persistent link: https://www.econbiz.de/10010950831
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Reconstructing Macroeconomic Theory to Manage Economic Policy
Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2014
Macroeconomics has not done well in recent years: The standard models didn't predict the Great Recession; and even said it couldn't happen. After the bubble burst, the models did not predict the full consequences. The paper traces the failures to the attempts, beginning in the 1970s, to...
Persistent link: https://www.econbiz.de/10010951037