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Doves for the rich, hawks for the poor? : distributional consequences of monetary policy

Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2016

We build a New Keynesian business-cycle model with rich household heterogeneity. A central feature is that matching frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of households prefer substantial stabilization of...

Persistent link: https://www.econbiz.de/10011563007

The self-employment option in rigid labor markets : an empirical investigation

Garcia-Cabo, Joaquin; Madera, Rocio - 2019

This paper studies selection into and returns to self-employment in labor markets with stringent employment protection. Using Spanish administrative panel data, we characterize self-employment dynamics in the presence of rigidities that affect workersâ€™ outside options. We document the...

Persistent link: https://www.econbiz.de/10012126166

Raising an inflation target : the Japanese experience with abenomics

De Michelis, Andrea; Iacoviello, Matteo - 2016

This paper draws from Japan's recent monetary experiment to examine the effects of an increase in the inflation target … identified inflation target shock. We apply these findings to calibrate the effect of a shock to the inflation target in a new …-Keynesian DSGE model of the Japanese economy. We argue that imperfect observability of the inflation target and a separate exchange …

Persistent link: https://www.econbiz.de/10011563011

Understanding persistent stagnation

Cuba-Borda, Pablo; Singh, Sanjay R. - 2019 - This version: February 2019

We theoretically explore long-run stagnation at the zero lower bound in a representative agent framework. We analytically compare expectations-driven stagnation to a secular stagnation episode and find contrasting policy implications for changes in government spending, supply shocks and...

Persistent link: https://www.econbiz.de/10012004630

Monetary policy, housing rents, and inflation dynamics

Dias, Daniel; Duarte, João B. - 2019

Persistent link: https://www.econbiz.de/10012004722

A macroeconomic model with financial panics

Gertler, Mark; Kiyotaki, Nobuhiro; Prestipino, Andrea - 2017

This paper incorporates banks and banking panics within a conventional macroeconomic framework to analyze the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of the banking panics as well as the...

Persistent link: https://www.econbiz.de/10011780335