Narrow search
Showing 1 - 10 of 10,333
Cover Image
Stagflation and Topsy-Turvy Capital Flows
Bengui, Julien; Coulibaly, Louphou - National Bureau of Economic Research - 2022
Are unregulated capital flows excessive during a stagflation episode? We argue that they likely are, owing to a macroeconomic externality operating through the economy's supply side. Inflows raise domestic wages through a wealth effect on labor supply and cause unwelcome upward pressure on...
Persistent link: https://www.econbiz.de/10013462700
Cover Image
Microeconomic Uncertainty, International Trade, and Aggregate Fluctuations
Alessandria, George - 2014
The extent and direction of causation between micro volatility and business cycles are debated. We examine, empirically …
Persistent link: https://www.econbiz.de/10012458049
Cover Image
Macro-Financial Implications of the Surging Global Demand (and Supply) of International Reserves
Mendoza, Enrique G. - 2024
(increase) world interest rates but also to increase (reduce) private leverage. This in turn increased (decreased) volatility in …
Persistent link: https://www.econbiz.de/10015056133
Cover Image
Endogenous Volatility at the Zero Lower Bound : Implications for Stabilization Policy
Basu, Susanto - 2015
At the zero lower bound, the central bank's inability to offset shocks endogenously generates volatility. In this …-contingent optimal monetary and fiscal policies can attenuate this endogenous volatility by stabilizing the distribution of future … outcomes. Fluctuations in uncertainty and the zero lower bound help our model match the unconditional and stochastic volatility …
Persistent link: https://www.econbiz.de/10012456833
Cover Image
Global Effective Lower Bound and Unconventional Monetary Policy
Wu, Jing Cynthia - 2018
respond to a supply shock in the opposite direction compared to normal times. We introduce a tractable two-country model to …
Persistent link: https://www.econbiz.de/10012453006
Cover Image
Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound
Wu, Jing Cynthia - 2014
This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of the data compared to the benchmark model and can be...
Persistent link: https://www.econbiz.de/10012458549
Cover Image
The Optimal Inflation Target and the Natural Rate of Interest
Andrade, Philippe - 2018
We study how changes in the value of the steady-state real interest rate affect the optimal inflation target, both in the U.S. and the euro area, using an estimated New Keynesian DSGE model that incorporates the zero (or effective) lower bound on the nominal interest rate. We find that this...
Persistent link: https://www.econbiz.de/10012453386
Cover Image
Are Supply Shocks Contractionary at the ZLB? Evidence from Utilization-Adjusted TFP Data
Garín, Julio - 2016
The basic New Keynesian model predicts that positive supply shocks are less expansionary at the zero lower bound (ZLB) compared to periods of active monetary policy. We test this prediction empirically using Fernald's (2014) utilization-adjusted total factor productivity series, which we take as...
Persistent link: https://www.econbiz.de/10012456364
Cover Image
Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry
Bornstein, Gideon - 2017
the world economy. We analyze the impact of the advent of fracking on the volatility of oil prices. Our model predicts a … large decline in this volatility …
Persistent link: https://www.econbiz.de/10012455258
Cover Image
Uncertainty Shocks, Capital Flows, and International Risk Spillovers
Akinci, Ozge; Kalemli-Ozcan, Sebnem; Queralto, Albert - National Bureau of Economic Research - 2022
U.S.-specific uncertainty, modeled as higher volatility in U.S. assets, leads to higher risk premia in both countries …
Persistent link: https://www.econbiz.de/10013210054