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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
establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis … the financial and sovereign debt crisis. …
Persistent link: https://www.econbiz.de/10012000041
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The science of monetary policy : an imperfect knowledge perspective
Eusepi, Stefano; Preston, Bruce - 2016
bequeathed by the financial crisis has led many to question the efficacy of monetary policy, and, particularly, to question …
Persistent link: https://www.econbiz.de/10011496866
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Is increased price flexibility stabilizing? : redux
Bhattarai, Saroj; Eggertsson, Gauti B.; Schoenle, Raphael - 2012
We study the implications of increased price flexibility on aggregate output volatility in a dynamic stochastic general equilibrium (DSGE) model. First, using a simplified version of the model, we show analytically that the results depend on the shocks driving the economy and the systematic...
Persistent link: https://www.econbiz.de/10009521652
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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 … two institutions, allowing us to study the time-stamped forecasts as they were made throughout the crisis. The analysis …
Persistent link: https://www.econbiz.de/10010404063
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Monetary policy, financial conditions, and financial stability
Adrian, Tobias; Liang, Jean Nellie - 2014
In the conduct of monetary policy, there exists a risk-return trade-off between financial conditions and financial stability, which complements monetary policy's traditional trade-off between inflation and real activity. The trade-off exists even if monetary policy does not target financial...
Persistent link: https://www.econbiz.de/10010404524
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Inflation in the great recession and new keynesian models
Del Negro, Marco; Giannoni, Marc Paolo; Schorfheide, Frank - 2013
standard DSGE model available prior to the recent crisis and estimated with data up to the third quarter of 2008 to explain the … behavior of key macroeconomic variables since the crisis. We show that as soon as the financial stress jumped in the fourth … macroeconomic variables, it has proven surprisingly accurate during the recent crisis and the subsequent recovery. -- Great …
Persistent link: https://www.econbiz.de/10009744674
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Dynamic prediction pools : an investigation of financial frictions and forecasting performance
Del Negro, Marco; Hasegawa, Raiden B.; Schorfheide, Frank - 2014
(responding to the gap in labor market conditions) in the immediate aftermath of the Lehman crisis. …
Persistent link: https://www.econbiz.de/10010414783
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Sectoral price facts in a sticky-price model
Carvalho, Carlos Viana de; Lee, Jae Won - 2011
We develop a multi-sector sticky-price DSGE (dynamic stochastic general equilibrium) model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages induce across-sector pricing complementarities that contribute to a slow...
Persistent link: https://www.econbiz.de/10009130528
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The unemployment-inflation trade-off revisited : the Phillips curve in COVID times
Crump, Richard K.; Eusepi, Stefano; Giannoni, Marc Paolo; … - 2024
Using a New Keynesian Phillips curve, we document the rapid and persistent increase in the natural rate of unemployment, 𝑢𝑡 ∗ , in the aftermath of the pandemic and characterize its implications for inflation dynamics. While the bulk of the inflation surge is attributed to temporary...
Persistent link: https://www.econbiz.de/10014501075
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Quantifying the inflationary impact of fiscal stimulus under supply constraints
Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - 2023
This paper builds on Baqaee and Farhi (2022) and di Giovanni et al. (2022) to quantify the contribution of fiscal policy to U.S. inflation over the December 2019-June 2022 period. Model calibrations show that aggregate demand shocks explain roughly two-thirds of total model-based inflation, and...
Persistent link: https://www.econbiz.de/10013548957