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Inflation in the great recession and new keynesian models
Del Negro, Marco; Giannoni, Marc Paolo; Schorfheide, Frank - 2013
during and following the recent Great Recession, and that models in which inflation depends on economic slack cannot explain … the recent muted behavior of inflation, given the sharp drop in output that occurred in 2008-09. In this paper, we use a … protracted decline in inflation. The model does so even though inflation remains very dependent on the evolution of both economic …
Persistent link: https://www.econbiz.de/10009744674
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Correlated disturbances and US business cycles
Cúrdia, Vasco; Reis, Ricardo - 2010
The dynamic stochastic general equilibrium (DSGE) models used to study business cycles typically assume that exogenous disturbances are independent first-order autoregressions. This paper relaxes this tight and arbitrary restriction by allowing for disturbances that have a rich contemporaneous...
Persistent link: https://www.econbiz.de/10003948805
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Is increased price flexibility stabilizing? : redux
Bhattarai, Saroj; Eggertsson, Gauti B.; Schoenle, Raphael - 2012
shocks driving the economy and the systematic response of monetary policy to inflation: More flexible prices amplify the … the effect of supply shocks on output if interest rates are very responsive to inflation. Next, we estimate a medium …
Persistent link: https://www.econbiz.de/10009521652
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Intermediary leverage cycles and financial stability
Adrian, Tobias; Boyarchenko, Nina - 2012
We develop a theory of financial intermediary leverage cycles in the context of a dynamic model of the macroeconomy. The interaction between a production sector, a financial intermediation sector, and a household sector gives rise to amplification of fundamental shocks that affect real economic...
Persistent link: https://www.econbiz.de/10009580891
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Money, credit, monetary policy, and the business cycle in the euro area : what has changed since the crisis?
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...
Persistent link: https://www.econbiz.de/10012000041
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Investment shocks and business cycles
Justiniano, Alejandro (contributor);  … - 2008
Shocks to the marginal efficiency of investment are the most important drivers of business cycle fluctuations in U.S. output and hours. Moreover, like a textbook demand shock, these disturbances drive prices higher in expansions. We reach these conclusions by estimating a dynamic stochastic...
Persistent link: https://www.econbiz.de/10003781477
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The international transmission of monetary policy
Buch, Claudia M.; Bussière, Matthieu; Goldberg, Linda S.; … - 2018
transmission of monetary policies of the United States, the euro area, Japan, and the United Kingdom. Two other studies use …
Persistent link: https://www.econbiz.de/10011824865
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Rare shocks, great recessions
Cúrdia, Vasco; Del Negro, Marco; Greenwald, Daniel L. - 2012
We estimate a DSGE model where rare large shocks can occur, but replace the commonly used Gaussian assumption with a Student's t-distribution. Results from the Smets and Wouters (2007) model estimated on the usual set of macroeconomic time series over the 1964-2011 period indicate that 1) the...
Persistent link: https://www.econbiz.de/10010219714
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Central bank macroeconomic forecasting during the global financial crisis : the European Central Bank and Federal Reserve Bank of New York experiences
Alessi, Lucia; Ghysels, Eric; Onorante, Luca; Peach, … - 2014
This paper documents macroeconomic forecasting during the global financial crisis by two key central banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between the two institutions, allowing us to study the time-stamped...
Persistent link: https://www.econbiz.de/10010404063
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Investment shocks and the relative price of investment
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2009
We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects...
Persistent link: https://www.econbiz.de/10003948199