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Macro, Money and Finance : A Continuous Time Approach
Brunnermeier, Markus K. - 2016
This paper puts forward a teaching manual for how to set up and solve a continuous time model that allows one to analyze endogenous (1) level and risk dynamics. The latter includes (2) tail risk and crisis probability as well as (3) the Volatility Paradox. Concepts such as (4) illiquidity and...
Persistent link: https://www.econbiz.de/10012456333
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Neoclassical Models in Macroeconomics
Hansen, Gary D. - 2016
This chapter develops a toolkit of neoclassical macroeconomic models, and applies these models to the U.S. economy from 1929 through 2014. We first filter macroeconomic time series into business cycle and long-run components, and show that the long-run component is typically much larger than the...
Persistent link: https://www.econbiz.de/10012456552
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How Should Policy Responses to the COVID-19 Pandemic Differ in the Developing World?
Alon, Titan - 2020
This paper quantitatively analyzes how policy responses to the COVID-19 pandemic should differ in developing countries …
Persistent link: https://www.econbiz.de/10012481855
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Informal Fiscal Systems in Developing Countries
Aman-Rana, Shan; Minaudier, Clement; Sukhtankar, Sandip - National Bureau of Economic Research - 2023
Governments in developing countries have low fiscal capacity yet face pressures to provide public goods and services, leading them to rely on various unusual fiscal arrangements. We document one such - hitherto unexplored - arrangement: informal fiscal systems that rely on local bureaucrats to...
Persistent link: https://www.econbiz.de/10014421219
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Using Macro Counterfactuals to Assess Plausibility : An Illustration using the 2001 Rebate MPCs
Orchard, Jacob; Ramey, Valerie A.; Wieland, Johannes - National Bureau of Economic Research - 2023
Macroeconomics has increasingly adopted tools from the applied micro "credibility revolution" to estimate micro parameters that can inform macro questions. In this paper, we argue that researchers should take advantage of this confluence of micro and macro to take the credibility revolution one...
Persistent link: https://www.econbiz.de/10014421234
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David Laidler on Monetarism
Bordo, Michael - 2006
influence on policy makers he kept defending the importance of many of its principles. In this paper we survey and assess the … impact on monetary economics of Laidler's work on the demand for money and the quantity theory of money; the transmission …; and monetary policy …
Persistent link: https://www.econbiz.de/10012466068
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Liquidity Traps, Prudential Policies, and International Spillovers
Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2022
prominent role of expenditure switching for monetary policy, while macroprudential policy operates primarily through … intertemporal substitution. We show that the risk of a liquidity trap generates a monetary policy tradeoff between stabilizing … not necessarily optimal. Finally, contrary to emerging policy concerns, capital controls can enhance global stability …
Persistent link: https://www.econbiz.de/10013210066
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Greed? Profits, Inflation, and Aggregate Demand
Bilbiie, Florin Ovidiu; Känzig, Diego R. - National Bureau of Economic Research - 2023
Amidst the recent resurgence of inflation, this paper investigates the interplay of corporate profits and income distribution in shaping inflation and aggregate demand within the New Keynesian framework. We derive a novel analytical condition for profits to be procyclical and inflationary....
Persistent link: https://www.econbiz.de/10014337850
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Financial Integration and Monetary Policy Coordination
Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2023
Financial integration generates macroeconomic spillovers that may require international monetary policy coordination …
Persistent link: https://www.econbiz.de/10014447329
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Fiscal Histories
Cochrane, John H. - National Bureau of Economic Research - 2022
real primary surpluses. Monetary policy remains important. The central bank can set an interest rate target, which … warns that inflation will have to be tamed by coordinated monetary and fiscal policy. I thank Erik Hurst, Ed Nelson, Nina …
Persistent link: https://www.econbiz.de/10013361983