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Risk Matters : The Real Effects of Volatility Shocks
Fernández-Villaverde, Jesús - 2010
sample of four emerging small open economies: Argentina, Ecuador, Venezuela, and Brazil. We postulate a stochastic volatility …
Persistent link: https://www.econbiz.de/10012757576
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The Monetary and Fiscal History of Bolivia, 1960–2017
Kehoe, Timothy J. - 2019
After the economic reforms that followed the National Revolution of the 1950s, Bolivia seemed positioned for sustained growth. Indeed, it achieved unprecedented growth from 1960 to 1977. The rapid accumulation of debt due to persistent deficits and a fixed exchange rate policy during the 1970s...
Persistent link: https://www.econbiz.de/10012892582
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The Monetary and Fiscal History of Brazil, 1960-2016
Ayres, João - 2019
Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the … first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994 … indexation in accounting for the unique features of inflation dynamics in Brazil.Institutional subscribers to the NBER working …
Persistent link: https://www.econbiz.de/10012895494
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Has Monetary Policy Become More Effective?
Boivin, Jean - 2006
Recent research provides evidence of important changes in the U.S. economic environment over the last 40 years. This appears to be associated with an alteration of the monetary transmission mechanism. In this paper we investigate the implications for the evolution of monetary policy...
Persistent link: https://www.econbiz.de/10012783910
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Temporary Price Changes and the Real Effects of Monetary Policy
Kehoe, Patrick J. - 2008
In the data, prices change both temporarily and permanently. Standard Calvo models focus on permanent price changes and take one of two shortcuts when confronted with the data: drop temporary changes from the data or leave them in and treat them as permanent. We provide a menu cost model that...
Persistent link: https://www.econbiz.de/10012769878
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The Macroeconomic Implications of a Key Currency
Canzoneri, Matthew B. - 2008
What are the macroeconomic consequences of the dominant role of the dollar in the international monetary system? Here, we present a calibrated two country model in which exports are invoiced in the key currency, and government bonds denominated in the key currency are held internationally to...
Persistent link: https://www.econbiz.de/10012770634
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What Do the Vars Mean? : Measuring the Output Effects of Monetary Policy
Cochrane, John H. - 2021
What are the relative effects of anticipated vs. unanticipated monetary policy? I examine the effect of this identifying assumption on VAR estimates of the output response to money, assuming that anticipated monetary policy can have some effect on output results in much shorter and smaller...
Persistent link: https://www.econbiz.de/10013217605
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Monetary Policy in a Data-Rich Environment
Bernanke, Ben; Boivin, Jean - 2021
Most empirical analyses of monetary policy have been confined to frameworks in which the Federal Reserve is implicitly assumed to exploit only a limited amount of information, despite the fact that the Fed actively monitors literally thousands of economic time series. This article explores the...
Persistent link: https://www.econbiz.de/10013226548
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Endogenous Monetary Policy Regime Change
Davig, Troy - 2013
This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation...
Persistent link: https://www.econbiz.de/10012754154
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Implications of Dynamic Factor Models for VAR Analysis
Stock, James H.; Watson, Mark W. - 2022
This paper considers VAR models incorporating many time series that interact through a few dynamic factors. Several econometric issues are addressed including estimation of the number of dynamic factors and tests for the factor restrictions imposed on the VAR. Structural VAR identification based...
Persistent link: https://www.econbiz.de/10013322868