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Uncertainty and Monetary Policy During Extreme Events

Pellegrino, Giovanni - 2020

How damaging are uncertainty shocks during extreme events such as the great recession and the Covid-19 outbreak? Can monetary policy limit output losses in such situations? We use a nonlinear VAR framework to document the large response of real activity to a financial uncertainty shock during...

Persistent link: https://www.econbiz.de/10012822498

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

Uncertainty and Monetary Policy During the Great Recession

Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2021

We employ a nonlinear VAR framework and a state-of-the-art identification strategy to document the large response of real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this evidence with an estimated DSGE framework featuring a concept...

Persistent link: https://www.econbiz.de/10013235107

Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model

Arias, Jonas E.; Ascari, Guido; Branzoli, Nicola; … - 2018

This paper studies the challenge that increasing the inflation target poses to equilibrium determinacy in a medium …-sized New Keynesian model without indexation fitted to the Great Moderation era. For moderate targets of the inflation rate …

Persistent link: https://www.econbiz.de/10011887382

Risk Management-Driven Policy Rate Gap

Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela - 2018

uncertainty over and above that to expected inflation, output gap, and output growth. However, this evidence regards the Greenspan …

Persistent link: https://www.econbiz.de/10011931927

What Do We Know about the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers

Castelnuovo, Efrem; Lim, Guay C. - 2018

This article reviews recent research findings on the effects of fiscal multipliers in normal times, during booms/busts, and in the presence of the zero lower bound. Studies on the effects of fiscal policy in open economy settings as well as contributions on the fiscal-monetary policy mix are...

Persistent link: https://www.econbiz.de/10011957182

Commodity Price Shocks and Global Cycles: Monetary Policy Matters

Castelnuovo, Efrem; Mori, Lorenzo; Peersman, Gert - 2024

We employ a structural VAR model with global and US variables to study the relevance and transmission of oil, food commodities, and industrial input price shocks. We show that commodities are not all alike. Industrial input price changes are almost entirely endogenous responses to other shocks....

Persistent link: https://www.econbiz.de/10015047187

Bringing the Copenhagen global climate change negotiations to conclusion

Whalley, John; Walsh, Sean - 2008

(China, India, Russia, Brazil) on the other. …

Persistent link: https://www.econbiz.de/10010264483

Trade retaliation in a monetary-trade model

Whalley, John; Yu, Jun; Zhang, Shunming - 2009

. We calibrate such a model to China's trade with the rest of the world and explore two country tariff games using 2005 …

Persistent link: https://www.econbiz.de/10010264539

Chinese experience with global G3 standard-setting

Whalley, John; Zhou, Weimin; An, Xiaopeng - 2009

China's growth strategy as set out in the 11th 5-year plan in 2005 called for upgrading of product quality, the … with this policy, China has been involved in recent years with the development of a Chinese standard in third generation (3 … experience raises issues for China's future development strategy based on product and process upgrading in manufacturing. We …

Persistent link: https://www.econbiz.de/10010264550