type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … the price level. Furthermore, there is evidence for a strong search-for-yield effect on the side of investors in the …

The conventional view, as expounded by sticky-price models, is that price adjustment determines the PPP reversion rate …. This study examines the mechanism by which PPP deviations are corrected. Nominal exchange rate adjustment, not price …

between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined …

that a shock to the net flow from unemployment to employment drive the unemployment rate and the participation rate in … opposite directions while a shock to the net flow from not in the labour force to unemployment drives the rates in the same …

commodity price shocks. Both approaches deliver similar conclusions. Specifically, an unfavorable food commodity market shock … raises food commodity prices, and leads to a rise in food, energy and core inflation, and to a persistent fall in real GDP … turn out to be a multiple of the maximum impact implied by the share of food commodities in the consumer price index and …

This paper examines the effects that windfalls from international commodity price booms have on net foreign assets in a … panel of 145 countries during the period 1970-2007. The main finding is that windfalls from international commodity price …

and the real-time prediction of professional forecasters. We find that optimism shocks – in line with theory - generate a …

This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate …