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Supply, Demand and Monetary Policy Shocks in a Multi-Country New Keynesian Model
Dees, Stephane; Pesaran, M. Hashem; Smith, L. Vanessa; … - 2021
-specific foreign output variable to capture direct inter-country linkages. In accord with the theory all variables are measured as … restrictions implied by the NK theory. The multi-country DSGE NK model is then solved to provide estimates of identified supply … through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …
Persistent link: https://www.econbiz.de/10013316169
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Money Talks
Hoerova, Marie - 2010
We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of transmitting information have very different consequences. Since...
Persistent link: https://www.econbiz.de/10013150973
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Monetary Policy and the Financing of Firms
De Fiore, Fiorella - 2012
How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idiosyncratic shocks which may force them to default on their debt. Firms' assets and liabilities are denominated in nominal terms and predetermined when...
Persistent link: https://www.econbiz.de/10013116576
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How Wages Respond to Shocks : Asymmetry in the Speed of Adjustment
Room, Tairi - 2011
The time series of various economic variables often exhibit asymmetry: decreases in the values tend to be sharp and fast, whereas increases usually occur slowly and gradually. We detect signs of an analogous asymmetry in firms' wage setting behaviour on the basis of managerial surveys, with...
Persistent link: https://www.econbiz.de/10013125238
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Monetary Policy Shocks in a Two-Sector Open Economy : An Empirical Study
Llaudes, Ricardo - 2007
This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame-work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...
Persistent link: https://www.econbiz.de/10012776366
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The Role of Real Wage Rigidity and Labor Market Frictions for Unemployment and Inflation Dynamics
Christoffel, Kai Philipp - 2006
cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …
Persistent link: https://www.econbiz.de/10012783591
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Collateral Damage? Micro-Simulation of Transaction Cost Shocks on the Value of Central Bank Collateral
Lennkh, Alvise - 2015
cost shock. A 10 basis point increase in transaction costs entails a direct -0.30% decrease of collateral value and a -0 …
Persistent link: https://www.econbiz.de/10013020666
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Sectoral Output Effects of Monetary Policy : Do Sticky Prices Matter?
Henkel, Lukas - 2021
This paper studies the role of sticky prices for the monetary transmission mechanism, using disaggregated industry-level data from 205 US industries. There is substantial heterogeneity in the output responses of industries to monetary policy surprises. I show that an industry's response to...
Persistent link: https://www.econbiz.de/10013315283
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Optimal Monetary Policy with Uncertainty About Financial Frictions
Moessner, Richhild - 2021
This paper studies optimal discretionary monetary policy in the presence of uncertainty about the degree of financial frictions. Changes in the degree of financial frictions are modelled as changes in parameters of a hybrid New-Keynesian model calibrated for the UK, following Bean, Larsen and...
Persistent link: https://www.econbiz.de/10013317582
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Monetary Policy Shocks in the Euro Area and Global Liquidity Spillovers
Sousa, João; Zaghini, Andrea - 2021
aggregate. The impulse responses show that a positive shock to foreign liquidity leads for the euro area to a permanent increase …
Persistent link: https://www.econbiz.de/10013319486