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Macroeconomics and Household Heterogeneity
Krueger, Dirk - 2016
The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the U.S. Great Recession of 2007-2009 and proceed in two steps. First, using data from the Panel Study of Income Dynamics, we...
Persistent link: https://www.econbiz.de/10012456356
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The Great Recession in the Shadow of the Great Depression : A Review Essay on “Hall of Mirrors
Ohanian, Lee E. - 2016
This essay reviews Barry Eichengreen's recent book that compares the Great Depression and the Great Recession. Eichengreen focuses on deficient aggregate demand as the key reason for why both downturns were so deep and why they lasted so long. I assess the book's arguments regarding the causes...
Persistent link: https://www.econbiz.de/10012456436
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Connected Lending of Last Resort
Mitchener, Kris; Monnet, Eric - National Bureau of Economic Research - 2023
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...
Persistent link: https://www.econbiz.de/10013537763
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A Simple Model of a Central Bank Digital Currency
Mishra, Bineet; Prasad, Eswar S. - National Bureau of Economic Research - 2023
central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency …
Persistent link: https://www.econbiz.de/10014250215
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Open-Economy Macroeconomics, Developments in Theory and Policy
Obstfeld, Maurice - 1999
This paper surveys recent research in open-economy macroeconomics, using questions raised by European economic and monetary unification to guide the topics discussed. A striking empirical regularity is the tendency for changes in the nominal exchange rate regime systematically to affect the...
Persistent link: https://www.econbiz.de/10012471642
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Monetary Growth, Inflation, and Economic Activity in a Dynamic Macro Model
Turnovsky, Stephen J. - 1987
This paper analyzes the effects of an increase in the monetary growth rate within a dynamic optimizing macroeconomic model. Both the short-run and long-run effects, and therefore the adjustments along the transitional path, depend critically upon the tax structure and the firm's corresponding...
Persistent link: https://www.econbiz.de/10012476936
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Credit Rationing and Effective Supply Failures
Blinder, Alan S. - 1985
This paper presents two macro models in which central bank policy has real effects on the supply side of the economy due to credit rationing. In each model, there are two possible regimes, depending on whether credit is or is not rationed. Starting from an unrationed equilibrium, either a large...
Persistent link: https://www.econbiz.de/10012477462
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The Roles of Money and Credit in Macroeconomic Analysis
Friedman, Benjamin M. - 1981
among money, credit and nonfinancial economic activity. Data for the United States since World War II show that the volume … of outstanding credit is as closely related to economic activity as is the stock of money, and moreover that neither … money nor credit is sufficient to account fully for the effect of financial markets in determining real economic activity …
Persistent link: https://www.econbiz.de/10012478280
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Tests of Equilibrium Macroeconomics Using Contemporaneous Monetary Data
Boschen, John F. - 1981
This paper uses contemporaneous monetary data to carry out econometric tests of the "equilibrium" approach to modeling the relation between monetary disturbances and macroeconomic fluctuations. The theoretical analysis introduces into an equilibrium macroeconomic model the availability of...
Persistent link: https://www.econbiz.de/10012478338
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Macroeconomic Modeling for Monetary Policy Evaluation
Galí, Jordi - 2007
We describe some of the main features of the recent vintage macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier generation of macro models, and highlight the insights for policy that these new frameworks have to offer. Our...
Persistent link: https://www.econbiz.de/10012465104