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News Shocks in Open Economies : Evidence from Giant Oil Discoveries
Arezki, Rabah - 2015
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output - the delay between a discovery and production is on average 4 to 6 years. We first...
Persistent link: https://www.econbiz.de/10013011202
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Monetary Policy and Models of Currency Demand
El Hamiani Khatat, Mariam - 2018
Two types of currency in circulation models are identified: (1) a first generation derived fromthe theory of money …
Persistent link: https://www.econbiz.de/10012925220
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Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?
Goldfajn, Ilan - 2021
This paper provides evidence on the relationship between monetary policy and the exchange rate in the aftermath of currency crises. It analyzes a large data set of currency crises in 80 countries for the period 1980-98. The main question addressed is: Can monetary policy increase the probability...
Persistent link: https://www.econbiz.de/10013212113
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The Costs of Macroprudential Deleveraging in a Liquidity Trap
Chen, Jiaqian - 2020
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
Persistent link: https://www.econbiz.de/10012828224
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Estimated Policy Rules for Capital Controls
Pasricha, Gurnain - 2020
This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this question using a novel, weekly dataset on capital control actions in 21 emerging...
Persistent link: https://www.econbiz.de/10012829284
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Inflation Dynamics in Advanced Economies : A Decomposition into Cyclical and Non-Cyclical Factors
Lian, Weicheng; Freitag, Andreas - 2022
Inflation and unemployment rate were largely disconnected between 2000 and 2019 in advanced economies. We decompose …) both the cyclical and non-cyclical parts had surges across advaced economies in 2011, when unemployment rates had limited … inflation and unemployment rate. The approach has potential to help understand forces shaping price pressures during the …
Persistent link: https://www.econbiz.de/10014082956
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What Prevents a Real Business Cycle Model from Matching the U.S. Data? Decomposing the Labor Wedge
Plotnikov, Dmitry - 2017
medium-term business cyclefluctuations in GDP, its components and the unemployment rate. Additionally, it …
Persistent link: https://www.econbiz.de/10012945679
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Inflation and Activity - Two Explorations and Their Monetary Policy Implications
Blanchard, Olivier J. - 2016
unemployment on inflation,for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then …
Persistent link: https://www.econbiz.de/10013002151
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Labor Force Participation and Monetary Policy in the Wake of the Great Recession
Erceg, Christopher J. - 2014
In this paper, we provide compelling evidence that cyclical factors account for the bulk of thepost-2007 decline in the U.S. labor force participation rate. We then proceed to formulate astylized New Keynesian model in which labor force participation is essentially acyclical during“normal...
Persistent link: https://www.econbiz.de/10013061162
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Okun's Law, Development, and Demographics : Differences in the Cyclical Sensitivities of Unemployment Across Economy and Worker Groups
An, Zidong; Bluedorn, John C.; Ciminelli, Gabriele - 2022
The negative and stable relationship between an economy’s aggregate demand conditions and overall unemployment is well …-documented. We show that there is a large degree of heterogeneity in the cyclical sensitivities of unemployment across worker and … economy groups. First, unemployment is more than twice as sensitive to aggregate demand in advanced as in emerging market and …
Persistent link: https://www.econbiz.de/10013306725