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Reading the Recent Monetary History of the U.S., 1959-2007

Fernández-Villaverde, Jesús - 2010

In this paper we report the results of the estimation of a rich dynamic stochastic general equilibrium (DSGE) model of the U.S. economy with both stochastic volatility and parameter drifting in the Taylor rule. We use the results of this estimation to examine the recent monetary history of the...

Persistent link: https://www.econbiz.de/10012462722

Rules Versus Discretion in Monetary Policy

Fischer, Stanley - 1988

This paper examines the case for rules rather than discretion in the conduct of monetary policy, from both historical and analytic perspectives. The paper starts with the rules of the game under the gold standard. These rules were ill-defined and not adhered to; active discretionary policy was...

Persistent link: https://www.econbiz.de/10012476548

Supply-Side Policies and the Zero Lower Bound

Fernández-Villaverde, Jesús - 2011

This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in mark-ups triggered by supply-side policies generate a wealth effect...

Persistent link: https://www.econbiz.de/10012461115

The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences

van Binsbergen, Jules - 2010

We solve a dynamic stochastic general equilibrium (DSGE) model in which the representative household has Epstein and Zin recursive preferences. The parameters governing preferences and technology are estimated by means of maximum likelihood using macroeconomic data and asset prices, with a...

Persistent link: https://www.econbiz.de/10012462760

Real interest rates, credit markets, and economic stabilization

Jenkins, Paul; Walsh, Carl E. - 1985

Persistent link: https://www.econbiz.de/10003585366

Real Interest Rate, Credit Markets, and Economic Stabilization

Jenkins, Paul - 1985

The role of a real interest rate and a credit aggregate as intermediate monetary policy targets are investigated under the assumption of rational expectations. The analysis expands a standard aggregate model to include a credit market and a market determined interest rate on bank deposits. This...

Persistent link: https://www.econbiz.de/10012477509

The Inflationary Process in Israel : Shocks and Accommodation

Bruno, Michael - 1984

The rate of inflation in Israel increased from 8 percent in 1965 to 300-400 percent in the first half of 1984. The inflationary process until 1977 was not qualitatively different from that in the OECD countries, but after the financial liberalization of 1977 the economy appeared to move into a...

Persistent link: https://www.econbiz.de/10012477604

Supply Shocks, Wage Stickiness, and Accommodation

Fischer, Stanley - 1983

The main issue discussed in the supply shock literature that followed the oil and food price shocks of the seventies … was whether to accommodate. The supply shock reduces the equilibrium level of output, and monetary policy can not affect … should be used to prevent such recessions. The paper analyzes the conditions underwhich a suppiy shock will result in …

Persistent link: https://www.econbiz.de/10012477983

Uncertainty Shocks and Business Cycle Research

Fernández-Villaverde, Jesús - 2020

We review the literature on uncertainty shocks and business cycle research. First, we motivate the study of uncertainty shocks by documenting the presence of time-variation in the volatility of macroeconomic time series. Second, we enumerate the mechanisms that researchers have postulated to...

Persistent link: https://www.econbiz.de/10012479292

Financial Frictions and the Wealth Distribution

Fernández-Villaverde, Jesús - 2019

particular, we find that the recovery after a negative aggregate shock is more sluggish when the economy is more leveraged …

Persistent link: https://www.econbiz.de/10012480247