Narrow search
Showing 1 - 10 of 371
Cover Image
Have Macroeconomic Models Lost Their Connection with Economic Reality?
van Veen, Tom - 2020
Macroeconomic theory has developed into increasingly sophisticated mathematical models. In the words of Mankiw, macroeconomics has developed from engineering into science. The Global Financial Crisis (GFC) revealed that the empirical relevance and the usefulness of these models is debatable. Why...
Persistent link: https://www.econbiz.de/10012214167
Cover Image
Have Macroeconomic Models Lost Their Connection with Economic Reality?
van Veen, Tom - 2020
Macroeconomic theory has developed into increasingly sophisticated mathematical models. In the words of Mankiw, macroeconomics has developed from engineering into science. The Global Financial Crisis (GFC) revealed that the empirical relevance and the usefulness of these models is debatable. Why...
Persistent link: https://www.econbiz.de/10012834879
Cover Image
The quantity theory of money: An assessment of its real linchpin prediction
Hillinger, Claude; Süssmuth, Bernd - 2010
This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably interpreted and quantitatively assessed. The resulting approach is straightforward. Unlike studies relying on other methods we find evidence of its linchpin prediction that is not...
Persistent link: https://www.econbiz.de/10010276869
Cover Image
Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth
Bergman, Nittai K.; Matsa, David; Weber, Michael; … - 2022
This paper analyzes the heterogeneous effects of monetary policy on workers with differing levels of labor force attachment. Exploiting variation in labor market tightness across metropolitan areas, we show that the employment of populations with lower labor force attachment—Blacks, high...
Persistent link: https://www.econbiz.de/10013177546
Cover Image
Inequality and the Zero Lower Bound
Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - 2023
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully nonlinear stochastic...
Persistent link: https://www.econbiz.de/10014377446
Cover Image
Monetary Policy through Production Networks: Evidence from the Stock Market
Ozdagli, Ali; Weber, Michael - 2017
Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...
Persistent link: https://www.econbiz.de/10011698653
Cover Image
Inclusive Monetary Policy : How Tight Labor Markets Facilitate Broad-Based Employment Growth
Bergman, Nittai; Matsa, David A.; Weber, Michael - 2022
This paper analyzes the heterogeneous effects of monetary policy on workers with differing levels of labor force attachment. Exploiting variation in labor market tightness across metropolitan areas, we show that the employment of populations with lower labor force attachment—Blacks, high...
Persistent link: https://www.econbiz.de/10013308104
Cover Image
Inequality and the Zero Lower Bound
Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - 2023
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully nonlinear stochastic...
Persistent link: https://www.econbiz.de/10014348051
Cover Image
The effect of monetary unification on public debt and its real return
Beetsma, Roel; Vermeylen, Koen - 2005
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10010261138
Cover Image
Time variation in U.S. wage dynamics
Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010
This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates …', technology shocks in contrast triggered wage-price spirals, moving nominal wages and prices in the same direction at longer … horizons, thus counteracting the required adjustment of real wages, amplifying the ultimate repercussions on prices and hence …
Persistent link: https://www.econbiz.de/10010274983