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Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy

Christiano, Lawrence J. - 2001

an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average …

Persistent link: https://www.econbiz.de/10012470317

Monetary Policy and Swedish Unemployment Fluctuations

Alexius, Annika; Holmlund, Bertil - 2021

preferred model, almost 30 percent of the maximum effect of a shock still remains after ten years …

Persistent link: https://www.econbiz.de/10013316967

Technology (and Policy) Shocks in Models of Endogenous Growth

Jones, Larry E. - 1999

Is there a trade-off between fluctuations and growth? The empirical evidence is mixed, with some studies (Kormendi and Meguire (1985)) finding a positive relationship, while others (Ramey and Ramey (1995)) finding the a negative one. Our objective in this paper is to understand how fundamental...

Persistent link: https://www.econbiz.de/10012471733

Firm-Specific Capital, Nominal Rigidities and the Business Cycle

Altig, David - 2005

Macroeconomic and microeconomic data paint conflicting pictures of price behavior. Macroeconomic data suggest that inflation is inertial. Microeconomic data indicate that firms change prices frequently. We formulate and estimate a model which resolves this apparent micro - macro conflict. Our...

Persistent link: https://www.econbiz.de/10012467653

Policy Rules for Inflation Targeting

Rudebusch, Glenn D. - 1998

Policy rules that are consistent with inflation targeting are examined in a small macroeconomic model of the US economy. We compare the properties and outcomes of explicit instrument rules' as well as targeting rules.' The latter, which imply implicit instrument rules, may be closer to actual...

Persistent link: https://www.econbiz.de/10012472292

Money, Sticky Wages, and the Great Depression

Bordo, Michael D. - 1997

This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity to explain the magnitude and persistence of the Great Depression in the United States. The impulses to our analysis are money supply shocks. The Taylor contracts model is...

Persistent link: https://www.econbiz.de/10012472743

Analysis of the Monetary Transmission Mechanism : Methodological Issues

McCallum, Bennett T. - 1999

functions because the latter require shock identification, which is inherently a difficult process …

Persistent link: https://www.econbiz.de/10012471390

Measuring Monetary Policy with Residual Sign Restrictions at Known Shock Dates

Badinger, Harald - 2020

residuals of the policy rule equation at these shock dates accordingly. In spite of its utmost agnostic nature, this approach …

Persistent link: https://www.econbiz.de/10012822501

Monetary Policy Shocks : What Have We Learned and to What End?

Christiano, Lawrence J. - 1998

This paper reviews recent research that grapples with the question: What happens after an exogenous shock to monetary … exogenous shock to monetary policy. Nevertheless, there is considerable agreement about the qualitative effects of a monetary … policy shock in the sense that inference is robust across a large subset of the identification schemes that have been …

Persistent link: https://www.econbiz.de/10012472408

Productivity Shocks and Aggregate Fluctuations in an Estimated Endogenous Growth Model with Human Capital

Malley, Jim - 2011

Employing an endogenous growth model with human capital, this paper explores how productivity shocks in the goods and human capital producing sectors contribute to explaining aggregate fluctuations in output, consumption, investment and hours. Given the importance of accounting for both the...

Persistent link: https://www.econbiz.de/10013120659

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