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Gorodnichenko, Yuriy; Pham, Tho; Talavera, Oleksandr - National Bureau of Economic Research - 2021

implications for improving the effectiveness of central bank communications …

Persistent link: https://www.econbiz.de/10012496146

Monetary Policy When Potential Output is Uncertain : Understanding the Growth Gamble of the 1990s

Gorodnichenko, Yuriy - 2006

1990s. It shows that if the central bank is committed to reverse policy errors it makes because of unwarranted optimism …, inflation can remain in check even if the central bank keeps interest rates low because of this optimism. In particular, a price … public does not share the central bank's optimism about shifts in potential output. The paper shows that price level …

Persistent link: https://www.econbiz.de/10012466400

Monetary Policy Communications and their Effects on Household Inflation Expectations

Coibion, Olivier - 2019

We study how different forms of communication influence the inflation expectations of individuals in a randomized controlled trial. We first solicit individuals' inflation expectations in the Nielsen Homescan panel and then provide eight different forms of information regarding inflation....

Persistent link: https://www.econbiz.de/10012479438

The Effect of Macroeconomic Uncertainty on Household Spending

Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - National Bureau of Economic Research - 2021

Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...

Persistent link: https://www.econbiz.de/10012496179

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 income, consumption and total expenditures....

Persistent link: https://www.econbiz.de/10012460490

The Effects of Quantitative Easing : Taking a Cue from Treasury Auctions

Gorodnichenko, Yuriy - 2017

To understand the effects of large-scale asset purchase programs recently implemented by central banks, we study how markets absorb large demand shocks for risk-free debt. Using high-frequency identification, we exploit the structure of the primary market for U.S. Treasuries to isolate demand...

Persistent link: https://www.econbiz.de/10012453592

Keep Calm and Bank On : Panic-Driven Bank Runs and the Role of Public Communication

Sandri, Damiano; Grigoli, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2023

' perspectives on bank stability, the potential for panic-driven bank runs, and the role of public communication. When informed about … SVB's collapse, households become more likely to withdraw deposits, due to both a higher perceived risk of bank failure … and higher expected losses on deposits in case of bank failure. Leveraging hypothetical questions and the exogenous …

Persistent link: https://www.econbiz.de/10014337876

SAFE to Update Inflation Expectations? New Survey Evidence on Euro Area Firms

Baumann, Ursel; Ferrando, Annalisa; Georgarakos, Dimitris; … - National Bureau of Economic Research - 2024

This paper provides new survey evidence on firms' inflation expectations in the euro area. Building on the ECB's Survey …

Persistent link: https://www.econbiz.de/10014544782

Inflation Expectations and Corporate Borrowing Decisions : New Causal Evidence

Ropele, Tiziano; Gorodnichenko, Yuriy; Coibion, Olivier - National Bureau of Economic Research - 2022

We match survey data of Italian firms that includes a repeated experiment in which information about inflation is randomly provided to firms over time with detailed credit data that covers the borrowing decisions of firms. This allows us to study how exogenous variation in inflation expectations...

Persistent link: https://www.econbiz.de/10013435099

Inflation Expectations and Misallocation of Resources : Evidence from Italy

Ropele, Tiziano; Gorodnichenko, Yuriy; Coibion, Olivier - National Bureau of Economic Research - 2023

Using Italian data that includes both inflation forecasts of firms and external information on their balance sheets, we study the causal effect of changes in the dispersion of beliefs about future inflation on the misallocation of resources. We find that as disagreement increases, so does...

Persistent link: https://www.econbiz.de/10014250207