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Crump, Richard K.; Nekarda, Christopher J.; … - 2020

This paper discusses various concepts of unemployment rate benchmarks that are frequently used by policymakers for assessing the current state of the economy as it relates to the pursuit of both price stability and maximum employment. In particular, we propose two broad categories of...

Persistent link: https://www.econbiz.de/10012389411

Downward Nominal Wage Rigidity in the United States During and After the Great Recession

Fallick, Bruce - 2016

on wage flexibility in the United States and elsewhere has focused on the possibility of downward nominal wage rigidity … survey collected by the Bureau of Labor Statistics to investigate the extent to which downward nominal wage rigidity is … present in U.S. labor markets. We use several distinct methods proposed in the literature to test for downward nominal wage …

Persistent link: https://www.econbiz.de/10013210362

Aggregate Supply in the United States : Recent Developments and Implications for the Conduct of Monetary Policy

Reifschneider, David - 2014

The recent financial crisis and ensuing recession appear to have put the productive capacity of the economy on a lower and shallower trajectory than the one that seemed to be in place prior to 2007. Using a version of an unobserved components model introduced by Fleischman and Roberts (2011), we...

Persistent link: https://www.econbiz.de/10013061218

Unemployment and endogenous reallocation over the business cycle

Carrillo-Tudela, Carlos; Visschers, Ludo - 2013

We build an analytically and computationally tractable stochastic equilibrium model of unemployment in heterogeneous labor markets. Facing search frictions within markets and reallocation frictions between markets, workers endogenously separate from employment and endogenously reallocate between...

Persistent link: https://www.econbiz.de/10010291522

Monetary Policy, Self-Fulfilling Expectations and the U.S. Business Cycle

Nicolò, Giovanni - 2020

I estimate a medium-scale New-Keynesian model and relax the conventional assumption that the central bank adopted an active monetary policy by pursuing inflation and output stability over the entire post-war period. Even after accounting for a rich structure, I find that monetary policy was...

Persistent link: https://www.econbiz.de/10012834043

Heterogeneous Expectations, Indeterminacy, and Postwar US Business Cycles

Ilabaca, Francisco - 2020

This paper estimates a New Keynesian model extended to include heterogeneous expectations, to revisit the evidence that postwar US macroeconomic data can be explained as the outcome of passive monetary policy, indeterminacy, and sunspot-driven fluctuations in the pre-1979 sample, with a switch...

Persistent link: https://www.econbiz.de/10012836715

Shocks, Frictions, and Inequality in US Business Cycles

Bayer, Christian - 2020

How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...

Persistent link: https://www.econbiz.de/10012841741

Micro Jumps, Macro Humps : Monetary Policy and Business Cycles in an Estimated Hank Model

Auclert, Adrien - 2020

We estimate a Heterogeneous-Agent New Keynesian model with sticky household expectations that matches existing microeconomic evidence on marginal propensities to consume and macroeconomic evidence on the impulse response to a monetary policy shock. Our estimated model uncovers a central role for...

Persistent link: https://www.econbiz.de/10012842965

Uncertainty and Monetary Policy in Good and Bad Times : A Replication of the VAR Investigation by Bloom (2009)

Caggiano, Giovanni - 2020

This paper revisits the well-known VAR evidence on the real effects of uncertainty shocks by Bloom (Econometrica 2009(3): 623-685. doi: 10.3982/ECTA6248). We replicate the results in a narrow sense using Eviews. In a wide sense, we extend his study by working with a smooth transition-VAR...

Persistent link: https://www.econbiz.de/10012824829

Financial Frictions, Financial Shocks, and Aggregate Volatility

Fuentes-Albero, Cristina - 2016

I revisit the Great Inflation and the Great Moderation for nominal and real variables. I document an immoderation in corporate balance sheet variables so that the Great Moderation is best described as a period of divergent patterns in volatilities for real, nominal and financial variables. A...

Persistent link: https://www.econbiz.de/10013005700

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