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Learning from Prices: Public Communication and Welfare
Amador, Manuel; Weill, Pierre-Olivier - National Bureau of Economic Research (NBER) - 2008
We study the effect of releasing public information about productivity or monetary shocks when agents learn from nominal prices. While public releases have the benefit of providing new information, they can have the cost of reducing the informational efficiency of the price system. We show that,...
Persistent link: https://www.econbiz.de/10005714775
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High Frequency Identification of Monetary Non-Neutrality
Nakamura, Emi; Steinsson, Jon - National Bureau of Economic Research (NBER) - 2013
We provide new evidence on the response of real interest rates and inflation to monetary shocks. Our measure of monetary policy shocks is based on unexpected changes in interest rates over a 30-minute window surrounding scheduled Federal Reserve announcements. Our estimates indicate that nominal...
Persistent link: https://www.econbiz.de/10010969387
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Nominal Debt as a Burden on Monetary Policy
Marimon, Ramon; Díaz-Giménez, Javier; Giovannetti, Giorgia - National Bureau of Economic Research (NBER) - 2007
We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt,...
Persistent link: https://www.econbiz.de/10005085112
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Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates
McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 2000
This paper explores several issues concerning a possible zero lower bound (ZLB) including its theoretical rationale; the magnitude of effects of low sustained inflation on real interest rates; the validity of analyzing monetary policy in models with no monetary variables; and the dynamic...
Persistent link: https://www.econbiz.de/10005085164
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Sources of Variation in Holding Returns for Fed Funds Futures Contracts
Hamilton, James; Okimoto, Tatsuyoshi - National Bureau of Economic Research (NBER) - 2010
This paper relates predictable gains from positions in fed funds futures contracts to violations of the expectations hypothesis of the term structure of interest rates. Although evidence for predictable gains from positions in short-horizon contracts is mixed, we find that gains in longer...
Persistent link: https://www.econbiz.de/10008631706
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Adoption of Financial Technologies: Implications for Money Demand and Monetary Policy
Mulligan, Casey; Sala-i-Martin, Xavier - National Bureau of Economic Research (NBER) - 1996
the total amount of assets. The implication is that, instead of studying money demand using time series and looking at … held. We can use this methodology to estimate the interest elasticity of money demand at interest rates close to zero. We … find that (a) the elasticity of money demand is very small when the interest rate is small, (b) the probability that a …
Persistent link: https://www.econbiz.de/10005710154
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Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework
Canzoneri, Matthew Buford; Cumby, Robert E.; Diba, Behzad T. - National Bureau of Economic Research (NBER) - 2008
interest-rate rule, and the money market and financial institutions are typically not even modeled. Critics contend that these …
Persistent link: https://www.econbiz.de/10005710222
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Optimal Monetary Impulse-Response Functions in a Matching Model
Kennan, John; Wallace, Neil; Katzman, Brett - National Bureau of Economic Research (NBER) - 1999
The effects on ex ante optima of a lag in seeing monetary realizations are studied using a matching model of money. The … increases in the amount of money that occur with small enough probability can have negative impact effects on output, because it …
Persistent link: https://www.econbiz.de/10005710909
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The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs, and Fiscal Theories of the Price Level
Buiter, Willem Hendrik - National Bureau of Economic Research (NBER) - 1998
The paper establishes the following: First, money is neutral even if there is a non-zero stock of non-monetary nominal … nominal money stock, is invalid. It combines an overdetermined fiscal-financial program with an unwarranted weakening of the …
Persistent link: https://www.econbiz.de/10005720641
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Bubbles and Self-Enforcing Debt
Hellwig, Christian; Lorenzoni, Guido - National Bureau of Economic Research (NBER) - 2006
We characterize equilibria with endogenous debt constraints for a general equilibrium economy with limited commitment in which the only consequence of default is losing the ability to borrow in future periods. First, we show that equilibrium debt limits must satisfy a simple condition that...
Persistent link: https://www.econbiz.de/10005775063