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Sticky Discount Rates
Fukui, Masao; Gormsen, Niels; Huber, Kilian - National Bureau of Economic Research - 2024
We show that firms' nominal required returns to capital (i.e., their discount rates) are sticky with respect to expected inflation. Such nominally sticky discount rates imply that increases in expected inflation directly lower firms' real discount rates and thereby raise real investment. We...
Persistent link: https://www.econbiz.de/10014512092
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Monetary Policy without Moving Interest Rates : The Fed Non-Yield Shock
Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2024
effects on the VIX and other risk-related measures point towards a dominant risk premium channel. We show that the non …
Persistent link: https://www.econbiz.de/10014576665
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The Origins and Effects of Macroeconomic Uncertainty
Bianchi, Francesco - 2018
-side uncertainty. Using term structure and macroeconomic data, we find sizable effects of uncertainty on risk premia and business cycle … fluctuations. Both demand-side and supply-side uncertainty imply large contractions in real activity and an increase in term premia …, but supply-side uncertainty has larger effects on inflation and investment. We introduce a novel analytical decomposition …
Persistent link: https://www.econbiz.de/10012481034
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Infinite Debt Rollover in Stochastic Economies
Kocherlakota, Narayana Rao - National Bureau of Economic Research - 2022
yield r_{long} to an infinite-maturity zero-coupon bond. I show that r_{long} is lower than the (risk-neutral) expectation …
Persistent link: https://www.econbiz.de/10013362062
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Natural and Neutral Real Interest Rates : Past and Future
Obstfeld, Maurice - National Bureau of Economic Research - 2023
This paper surveys the decline in real interest rates in advanced and emerging economies over the past several decades, linking that process to a range of global factors that have operated with different force in different periods. The paper argues that estimates of long-run equilibrium real...
Persistent link: https://www.econbiz.de/10014447270
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Loose Monetary Policy and Financial Instability
Grimm, Maximilian; Jordà, Òscar; Schularick, Moritz; … - National Bureau of Economic Research - 2023
Do periods of persistently loose monetary policy increase financial fragility and the likelihood of a financial crisis? This is a central question for policymakers, yet the literature does not provide systematic empirical evidence about this link at the aggregate level. In this paper we fill...
Persistent link: https://www.econbiz.de/10014226155
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Monetary Policy Wedges and the Long-term Liabilities of Households and Firms
Binsbergen, Jules H. van; Grotteria, Marco - National Bureau of Economic Research - 2024
market power, or credit risk. Variation in credit risk does materially affect monetary policy transmission to corporate bonds …
Persistent link: https://www.econbiz.de/10014486229
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Inequality and the Zero Lower Bound
Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - National Bureau of Economic Research - 2023
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully non-linear stochastic...
Persistent link: https://www.econbiz.de/10014287383
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Fiscal and Monetary Policy with Heterogeneous Agents
Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig - National Bureau of Economic Research - 2024
expansionary. We discuss the split between direct and indirect effects of policy, and also the implications of cyclical income risk …
Persistent link: https://www.econbiz.de/10015072932
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Central Banks, Stock Markets, and the Real Economy
Caballero, Ricardo J.; Simsek, Alp - National Bureau of Economic Research - 2024
shocks, and generate a policy risk premium …
Persistent link: https://www.econbiz.de/10014468253