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Subjective Intertemporal Substitution
Crump, Richard K. - 2020
We estimate the elasticity of intertemporal substitution (EIS)—the response of expected consumption growth to changes …). This unique data set allows us to estimate the consumption Euler equation with no auxiliary assumptions on the properties … with the results of much of the literature. In addition, planned consumption displays excess sensitivity to expected income …
Persistent link: https://www.econbiz.de/10012856136
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Inflation band targeting and optimal inflation contracts
Mishkin, Frederic S.; Westelius, Niklas J. - In: Journal of money, credit and banking : JMCB 40 (2008) 4, pp. 557-582
Persistent link: https://www.econbiz.de/10003714478
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Globalization, macroeconomic performance, and monetary policy
Mishkin, Frederic S. - In: Journal of money, credit and banking : JMCB 41 (2009), pp. 187-196
Persistent link: https://www.econbiz.de/10003807835
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Fundamental Disagreement about Monetary Policy and the Term Structure of Interest Rates
Cao, Shuo - 2020
Using a unique data set of individual professional forecasts, we document disagreement about the future path of monetary policy, particularly at longer horizons. The stark differences in short rate forecasts imply strong disagreement about the risk-return trade-off of longer-term bonds....
Persistent link: https://www.econbiz.de/10012828049