Similar Search Results

Monetary policy, firm exit and productivity

Hartwig, Benny; Lieberknecht, Philipp - 2020

We analyze the influence of monetary policy on firms’ extensive margin and productivity. Our empirical evidence for the U.S. based on a macro-financial SVAR suggests that expansionary monetary policy shocks stimulate corporate profits, reduce firm exit and increase firm entry. In the medium...

Persistent link: https://www.econbiz.de/10012322407

Monetary policy rules under bounded rationality

Dobrew, Michael; Gerke, Rafael; Kienzler, Daniel; … - 2023

We study the welfare performance of various simple monetary policy rules under bounded rationality (BR) along the lines of Gabaix (2020) in a New Keynesian model with sticky wages and an effective lower bound (ELB) on interest rates. Policy strategies with a strong history dependence lose their...

Persistent link: https://www.econbiz.de/10014320809

Time-varying credibility, anchoring and the Fed's inflation target

Diegel, Max - 2022

This paper analyzes the time-varying credibility of the Fed's inflation target in an empirical macro model with … across monetary policy regimes. I find that imperfect credibility is pronounced during the Volcker Disinflation and to a …

Persistent link: https://www.econbiz.de/10013472154

Household search and the aggregate labor market

Mankart, Jochen; Oikonomou, Rigas - 2015

We develop a theoretical model with labor market frictions, incomplete financial markets and with households which have two members. Households face unemployment risks but their members adjust their labor supplies to insure against unemployment. We use the model to explain the cyclical...

Persistent link: https://www.econbiz.de/10011312576

Going the extra mile : effort by workers and job-seekers

Hertweck, Matthias S.; Lewis, Vivien; Villa, Stefania - 2019

We introduce two types of effort into an otherwise standard labor search model to examine indeterminacy and sunspot equilibria. Variable labor effort gives rise to increasing returns to hours in production. This makes workers more valuable and contributes to self-fulfilling profit expectations,...

Persistent link: https://www.econbiz.de/10012062385

Loan supply and bank capital : a micro-macro linkage

Kick, Thomas; Malinkovich, Swetlana; Merkl, Christian - 2020

In the presence of financial frictions, banks' capital position may constrain their ability to provide loans. The banking sector may thus have important feedback effects on the macroeconomy. To shed new light on this issue, we combine two approaches. First, we use microeconomic balance sheet...

Persistent link: https://www.econbiz.de/10012214741

Higher-order income risk over the business cycle

Busch, Christopher; Ludwig, Alexander - 2020

We extend the canonical income process with persistent and transitory risk to shock distributions with left-skewness and excess kurtosis, to which we refer as higher-order risk. We estimate our extended income process by GMM for household data from the United States. We find countercyclical...

Persistent link: https://www.econbiz.de/10012215285

Monetary policy and unemployment in open economies

Engler, Philipp - 2011

After an expansionary monetary policy shock employment increases and unemployment falls. In standard New Keynesian models the fall in aggregate unemployment does not affect employed workers at all. However, Lüchinger, Meier and Stutzer (2010) found that the risk of unemployment negatively...

Persistent link: https://www.econbiz.de/10009405109

On household labour supply in sticky-wage HANK models

Gerke, Rafael; Giesen, Sebastian; Lozej, Matija; … - 2024 - November 24, 2023

Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the same amount of hours from all households. As a result, unions do not take account of the fact that (i) households are heterogeneous in their willingness to work, and that (ii)...

Persistent link: https://www.econbiz.de/10014467926

Inflation expectations, inflation target credibility and the COVID-19 pandemic : new evidence from Germany

Coleman, Winnie; Nautz, Dieter - 2021

citizens in January 2019 that is designed to measure long-term inflation expectations and the credibility of the inflation … target. Our results indicate that credibility has decreased in our sample period, particularly in the course of the deep … several years, credibility has declined mainly because Germans increasingly expect that inflation will be much higher than 2 …

Persistent link: https://www.econbiz.de/10012590362

1
2
3
4
5
6
7
8
9
10
Next
Last