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Monetary Policy Transmission in Segmented Markets
Eisenschmidt, Jens; Ma, Yiming; Zhang, Anthony Lee - 2022
We show that dealer market power impedes the pass-through of monetary policy in repo markets, which is an important first stage of monetary policy transmission. In the European repo market, most participants do not have access to trade on centralized exchanges. Rather, they rely on OTC...
Persistent link: https://www.econbiz.de/10013403070
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai Philipp; Kuester, Keith; Linzert, Tobias - 2021
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages...
Persistent link: https://www.econbiz.de/10013317584
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The Role of Labor Markets for Euro Area Monetary Policy
Christoffel, Kai Philipp - 2009
In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behaviour...
Persistent link: https://www.econbiz.de/10012764518
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Monetary Policy, Markup Dispersion, and Aggregate TFP
Reinelt, Timo - 2020
. This is consistent with a New Keynesian model in which price rigidity is heterogeneous across firms. In the model, firms …
Persistent link: https://www.econbiz.de/10012830084
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Monetary Policy Analysis with Potentially Misspecified Models
Del Negro, Marco; Schorfheide, Frank - 2021
This paper proposes a novel method for conducting policy analysis with potentially misspecified dynamic stochastic general equilibrium (DSGE) models and applies it to a New Keynesian DSGE model along the lines of Christiano, Eichenbaum, and Evans (JPE 2005) and Smets and Wouters (JEEA 2003)....
Persistent link: https://www.econbiz.de/10013318606
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Monetary Policy Implications of State-Dependent Prices and Wages
Costain, James - 2019
We study the effects of monetary shocks in a model of state-dependent price and wage adjustment based on “control costs … adjustments. Our simulations are calibrated to microdata on the size and frequency of price and wage changes. Money shocks have … wage rigidity, rather than price rigidity. State-dependent nominal rigidity implies a flatter Phillips curve as trend …
Persistent link: https://www.econbiz.de/10012871541
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State-Dependency and Firm-Level Optimization : A Contribution to Calvo Price Staggering
McAdam, Peter; Willman, Alpo - 2021
We implement a tractable state-dependent Calvo price-setting signal dependent on inflation and aggregate …
Persistent link: https://www.econbiz.de/10013316872
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Optimal Monetary Policy in a New Keynesian Model with Habits in Consumption
Leith, Campbell - 2012
shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly … distortion in the economy, which implies that the flex-price equilibrium will no longer be efficient and that policy faces …
Persistent link: https://www.econbiz.de/10013116941
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Does the Euro Make a Difference? Spatio-Temporal Transmission of Global Shocks to Real Effective Exchange Rates in an Infinite VAR
Bussière, Matthieu - 2011
, the paper applies a newly developed methodology based on infinite VAR theory featuring a dominant unit to a large set of …
Persistent link: https://www.econbiz.de/10013130602
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Inflation Risk Premia in the US and the Euro Area
Hördahl, Peter - 2010
States and the euro area. To sharpen our estimation, we include in the information set macro data and survey data on …
Persistent link: https://www.econbiz.de/10013135685