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Asset Prices and Macroeconomic Outcomes : A Survey

Claessens, Stijn - 2017

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...

Persistent link: https://www.econbiz.de/10012942461

Macroeconomic Implications of Financial Imperfections : A Survey

Claessens, Stijn - 2017

This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...

Persistent link: https://www.econbiz.de/10012942465

Commodity Prices and Bric and G3 Liquidity : A SFAVEC Approach

Ratti, Ronald A. - 2014

increases in G3 liquidity, and the difference increases over time. Over 1999-2012 BRIC liquidity is strongly linked with global … energy prices and global real activity whereas G3 liquidity is not. The impact of BRIC liquidity on mineral and metal prices … liquidity and commodity prices are cointegrated. BRIC and G3 liquidity and global output and global prices are cointegrated. We …

Persistent link: https://www.econbiz.de/10013059433

The Real Effects of Loan-to-Value Limits : Empirical Evidence from Korea

Pontines, Victor - 2020

This study adds to a recent and growing literature that assesses the effects of macroprudential policy. We compare the effects of monetary policy and loan-to-value ratio shocks for Korea, an inflation targeting economy and an active user of loan-to-value limits. We identify shocks using...

Persistent link: https://www.econbiz.de/10012843827

An Estimated DSGE Model with a Deflation Steady State

Hirose, Yasuo - 2014

Benhabib, Schmitt-Grohé, and Uribe (2001) argue for the existence of a deflation steady state when the zero lower bound on the nominal interest rate is considered in a Taylor-type monetary policy rule. This paper estimates a medium-scale DSGE model with a deflation steady state for the Japanese...

Persistent link: https://www.econbiz.de/10013050423

Monetary Policy, Inflation Target and the Great Moderation : An Empirical Investigation

Haque, Qazi - 2019

This paper estimates a New Keynesian model with trend inflation and contrasts Taylor rules featuring fixed versus time-varying inflation target while allowing for passive monetary policy. The estimation is conducted over the Great Inflation and the Great Moderation periods. Time-varying...

Persistent link: https://www.econbiz.de/10012867838

Do Fed Forecast Errors Matter?

Tien, Pao-Lin - 2016

There is a large literature evaluating the forecasts of the Federal Reserve by testing their rationality and measuring the size of their forecast errors. There is also a substantial literature and debate on the impact of the Fed's monetary policy on the economy. We know little, however about the...

Persistent link: https://www.econbiz.de/10012986181

Monetary Policy Transmission in Systemically Important Economies and China’s Impact

Lombardi, Domenico - 2018

financial sector is essential to unpacking various channels through which monetary policy operates. Global factors play a …

Persistent link: https://www.econbiz.de/10012909440

Revisiting the macroeconomic effects of monetary policy shocks

Doko Tchatoka, Firmin; Haque, Qazi - 2021

We shed new light on the effects of monetary policy shocks in the US. Gertler and Karadi (2015) suggest that movements in credit costs may result in substantial impact of monetary policy shocks on economic activity. Using the proxy SVAR framework, we show that once the Volcker disinflation...

Persistent link: https://www.econbiz.de/10013219833

Financial Factors and the Business Cycle

Berger, Tino - 2020

We study how financial factors shape and interact with the U.S. business cycle through a unified empirical approach where we jointly estimate financial and business cycles as well as identify their underlying drivers using a medium-scale Bayesian Vector Autoregression. First, we show, both in...

Persistent link: https://www.econbiz.de/10012835003

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