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Happiness, Contentment and Other Emotions for Central Banks
Tella, Rafael Di - 2007
We show that data on satisfaction with life from over 600,000 Europeans are negatively correlated with the unemployment rate and the inflation rate. Our preferred interpretation is that this shows that emotions are affected by macroeconomic fluctuations. Contentment is, at a minimum, one of the...
Persistent link: https://www.econbiz.de/10012465017
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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 … historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we …
Persistent link: https://www.econbiz.de/10012460490
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Human Frictions in the Transmission of Economic Policies
D'Acunto, Francesco; Hoang, Daniel; Paloviita, Maritta; … - National Bureau of Economic Research - 2021
Many consumers below the top of the distribution of a representative population by cognitive abilities barely react to monetary and fiscal policies that aim to stimulate consumption and borrowing, even when they are financially unconstrained and despite substantial debt capacity. Differences in...
Persistent link: https://www.econbiz.de/10012629499
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Alternative Monetary Policy Rules : A Comparison with Historical Settings for the United States, the United Kingdom, and Japan
McCallum, Bennett T. - 2000
This paper conducts counterfactual historical analysis of several monetary policy rules by contrasting actual settings of instrument variables with values that would have been specified by the rules in response to prevailing conditions. Of particular interest is whether major policy mistakes,...
Persistent link: https://www.econbiz.de/10012471025
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Robust Monetary Policy Under Model Uncertainty in a Small Model of the U.S. Economy
Onatski, Alexei - 2000
This paper examines monetary policy in Rudebusch and Svensson's (1999) two equation macroeconomic model when the policymaker recognizes that the model is an approximation and is uncertain about the quality of that approximation. It is argued that the minimax approach of robust control provides a...
Persistent link: https://www.econbiz.de/10012471286
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Risk-Taking and Monetary Policy Transmission : Evidence from Loans to SMEs and Large Firms
Caglio, Cecilia R.; Darst, R. Matthew; Kalemli-Ozcan, Sebnem - National Bureau of Economic Research - 2021
Using confidential regulatory firm-bank-loan level data from the U.S., we document four new facts about the credit market. First, private SMEs typically utilize all available bank credit which comprises their entire balance sheet debt, compared to large listed firms who can switch between...
Persistent link: https://www.econbiz.de/10012510563
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The Global Financial Cycle
Miranda-Agrippino, Silvia; Rey, Hélène - National Bureau of Economic Research - 2021
We review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co-movements of global factors in asset prices and capital flows...
Persistent link: https://www.econbiz.de/10012660005
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Inflation, Interest, and the Secular Rise in Wealth Inequality in the U.S : Is the Fed Responsible?
Wolff, Edward N. - National Bureau of Economic Research - 2021
in inflation. Coincident with these trends has been a surge in U.S. wealth inequality, with the Gini coefficient up by 0 … Consumer Finances. Contrary to expectations, the paper finds that these two monetary effects have reduced wealth inequality … range from a weak negative effect on inequality to neutral, small positive, and strong positive. In terms of methodology …
Persistent link: https://www.econbiz.de/10012660070
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On the Green Interest Rate
Muller, Nicholas Z. - National Bureau of Economic Research - 2021
This paper demonstrates how a central bank might operationalize an expanded role inclusive of managing risks from environmental pollution. The analysis introduces the green interest rate (rg) which depends on temporal changes in the pollution intensity of output. This policy instrument...
Persistent link: https://www.econbiz.de/10012585375
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Interest Rate Skewness and Biased Beliefs
Bauer, Michael D.; Chernov, Mikhail - National Bureau of Economic Research - 2021
Conditional yield skewness is an important summary statistic of the state of the economy. It exhibits pronounced variation over the business cycle and with the stance of monetary policy, and a tight relationship with the slope of the yield curve. Most importantly, variation in yield skewness has...
Persistent link: https://www.econbiz.de/10012585438