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Innocent Bystanders? Monetary Policy and Inequality in the U.S
Coibion, Olivier - 2012
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....
Persistent link: https://www.econbiz.de/10013104935
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Monetary Persistence, Imperfect Competition, and Staggering Complementarities
Merkl, Christian; Snower, Dennis J. - 2021
This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing...
Persistent link: https://www.econbiz.de/10013316832
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How Did U.S. Consumers Use Their Stimulus Payments?
Coibion, Olivier - 2020
Using a large-scale survey of U.S. consumers, we study how the large one-time transfers to individuals from the CARES Act affected their consumption, saving and labor supply decisions. Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15...
Persistent link: https://www.econbiz.de/10012825012
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The Effect of Macroeconomic Uncertainty on Household Spending
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021
Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10013236401
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The Subjective Inflation Expectations of Households and Firms : Measurement, Determinants, and Implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022
Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal … microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants …
Persistent link: https://www.econbiz.de/10014030510
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The Effect of Macroeconomic Uncertainty on Firm Decisions
Kumar, Saten; Gorodnichenko, Yuriy; Coibion, Olivier - 2022
Using a new survey of firms in New Zealand, we document how exogenous variation in the macroeconomic uncertainty perceived by firms affects their economic decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10013403719
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Tell Me Something I Don't Already Know : Learning in Low and High-Inflation Settings
Weber, Michael; Sheflin, Stephen; Ropele, Tiziano; … - 2023
affects how agents learn from new information. We show that as inflation has recently risen in advanced economies, both … households and firms have become more attentive and informed about inflation, leading them to respond less to exogenously … provided information about inflation and monetary policy. We also study the effects of RCTs in countries where inflation has …
Persistent link: https://www.econbiz.de/10014353363
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Labor Turnover Costs, Workers' Heterogeneity, and Optimal Monetary Policy
Faia, Ester - 2009
state contingent inflation taxes/subsidies to smooth those rents. Hence, in the optimal Ramsey plan, inflation deviates from … zero and the optimal volatility of inflation is an increasing function of firing costs. The optimal rule should react to … employment alongside inflation …
Persistent link: https://www.econbiz.de/10013157529
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Does Human Capital Protect Workers Against Exogenous Shocks? South Africa in the 2008-2009 Crisis
Leung, Ron - 2014
capital provided a buffer against the shock. After controlling for observable characteristics, education and experience showed …
Persistent link: https://www.econbiz.de/10013070480
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Labor Market Imperfections, Markups and Productivity in Multinationals and Exporters
Dobbelaere, Sabien - 2017
This paper examines the links between the internationalization mode of firms and market imperfections in product and labor markets. We develop a framework for modelling heterogeneity across firms in terms of (i) product market power (price-cost markups), (ii) labor market imperfections (workers'...
Persistent link: https://www.econbiz.de/10012940834