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The Equity Premium and the Business Cycle: the Role of Demand and Supply Shocks
Smith, Peter N; Sorensen, Steffen; Wickens, Michael R. - C.E.P.R. Discussion Papers - 2009
This paper explores the effects of the US business cycle on US stock market returns through an analysis of the equity risk premium. We propose a new methodology based on the SDF approach to asset pricing that allows us to uncover the different effects of aggregate demand and supply shocks. We...
Persistent link: https://www.econbiz.de/10005791523
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Inflation and Inequality
Albanesi, Stefania - C.E.P.R. Discussion Papers - 2002
Cross-country evidence on inflation and inequality suggests that they are positively correlated. I explore the …
Persistent link: https://www.econbiz.de/10005792380
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The Natural Rate Hypothesis: An idea past its sell-by-date
Farmer, Roger E A - C.E.P.R. Discussion Papers - 2013
Central banks throughout the world predict inflation with new-Keynesian models where, after a shock, the unemployment …
Persistent link: https://www.econbiz.de/10011084150
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Finance and the Preservation of Wealth
Gennaioli, Nicola; Shleifer, Andrei; Vishny, Robert - C.E.P.R. Discussion Papers - 2014
We introduce the model of asset management developed in Gennaioli, Shleifer, and Vishny (GSV, 2014) into a Solow-style neoclassical growth model with diminishing returns to capital. Savers rely on trusted intermediaries to manage their wealth (claims on capital stock), who can charge fees above...
Persistent link: https://www.econbiz.de/10011084567
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What Happened in Cyprus?
Michaelides, Alexander - C.E.P.R. Discussion Papers - 2014
This is a case study of how a country nearly reached bankruptcy in March 2013, within five years from entering the Eurozone. The magnitude of the requested assistance is extremely large relative to GDP (100%) and studying this event provides useful lessons for avoiding such crises in the future....
Persistent link: https://www.econbiz.de/10011084648
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Animal Spirits, Persistent Unemployment and the Belief Function
Farmer, Roger E A - C.E.P.R. Discussion Papers - 2010
This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer’s (2009) model in which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model; the optimizing IS curve and the policy rule. It...
Persistent link: https://www.econbiz.de/10008692320
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Delegating Optimal Monetary Policy Inertia
Bilbiie, Florin Ovidiu - C.E.P.R. Discussion Papers - 2009
regimes that are nested within this framework: inflation, output-gap growth and nominal income growth targeting; and inflation …
Persistent link: https://www.econbiz.de/10008459765
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Globalization and Monetary Control
Woodford, Michael - C.E.P.R. Discussion Papers - 2007
central banks to control inflation within their borders, at least in the absence of coordination of policy with other central … the ability of monetary policy to control inflation: by making liquidity premia a function of 'global liquidity' rather … to control the dynamics of inflation. …
Persistent link: https://www.econbiz.de/10005662247
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Israel 1983: A Bout of Unpleasant Monetarist Arithmetic
Sargent, Thomas J; Zeira, Joseph - C.E.P.R. Discussion Papers - 2008
From 1970 to 1985, Israel experienced high inflation. It rose in three jumps to new plateaus and eventually exceeded … of fallen bank shares caused the last big jump in inflation that occurred in October 1983. Bank shares had just collapsed …. Because that was foreseen, inflation immediately rose as predicted by the unpleasant monetarist arithmetic of Sargent and …
Persistent link: https://www.econbiz.de/10005667001
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Competition, Globalization and the Decline of Inflation
Chen, Natalie; Imbs, Jean; Scott, Andrew - C.E.P.R. Discussion Papers - 2004
restraint caused by greater imports, assuming unchanged monetary policy, can explain a fall in inflation of up to 0.14% per … annum. The most substantial impact on inflation arises, however, from the role of lower markups in reducing the inflation …
Persistent link: https://www.econbiz.de/10005667140