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Firm inattention and the efficacy of monetary policy : a text-based approach
Song, Wenting; Stern, Samuel - 2022 - Last updated: January 11, 2022
This paper provides direct evidence of the importance of firm attention to macro-economic dynamics. We construct a text-based measure of firm attention to macro-economic news and document firm attention that is polarized and countercyclical. Differences in attention lead to asymmetric responses...
Persistent link: https://www.econbiz.de/10012797080
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Forward guidance and expectation formation : a narrative approach
Sutherland, Christopher S. - 2020 - Last updated: September 28, 2020
How forward guidance influences expectations is not yet fully understood. To study this issue, I construct central bank data that includes forward guidance and its attributes, central bank projections, and quantitative easing, which I combine with survey data. I find that, in response to a...
Persistent link: https://www.econbiz.de/10012291197
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How do central bank projections and forward guidance influence private-sector forecasts?
Jain, Monica; Sutherland, Christopher S. - 2018
We construct a 23-country panel data set to consider the effect of central bank projections and forward guidance on private-sector forecast disagreement. We find that central bank projections and forward guidance matter mainly for private-sector forecast disagreement surrounding upcoming policy...
Persistent link: https://www.econbiz.de/10011777743
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Endogenous credibility and wage-price spirals
Kostyshyna, Olena; Özden, Tolga; Zhang, Yang - 2024 - Last updated: May 14, 2024
Elevated inflation can threaten the credibility of central banks and increase the risk that inflation expectations do not remain anchored. Wage-price spirals might develop in such an environment, and high inflation could become entrenched. We quantitively assess the risks of a wage-price spiral...
Persistent link: https://www.econbiz.de/10014558998
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Trading dynamics with adverse selection and search : market freeze, intervention and recovery
Chiu, Jonathan; Koeppl, Thorsten V. - 2011
increasing the size of the intervention. Search frictions are important for all these results. They compound adverse selection …
Persistent link: https://www.econbiz.de/10009387742
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Information flows and aggregate persistence
Kryvtsov, Oleksiy - 2009
Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of...
Persistent link: https://www.econbiz.de/10003823147
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Counterfeit quality and verification in a monetary exchange
Fung, Ben Siu-cheong; Shao, Enchuan - 2011
Recent studies on counterfeiting in a monetary search framework show that counterfeiting does not occur in a monetary … some countries. In this paper, we show that counterfeiting can exist as an equilibrium outcome in a model in which money is … not perfectly recognizable and thus can be counterfeited. A competitive search environment is employed in which sellers …
Persistent link: https://www.econbiz.de/10008824094
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Are sunspots learnable? : an experimental investigation in a simple general-equilibrium model
Arifovic, Jasmina; Evans, George W.; Kostyshyna, Olena - 2013
We conduct experiments with human subjects in a model with a positive production externality in which productivity is a non-decreasing function of the average level of employment of other firms. The model has three steady states: the low and high steady states are expectationally stable...
Persistent link: https://www.econbiz.de/10009746578
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A tractable monetary model under general preferences
Wong, Tsz-Nga - 2013
equilibrium with degenerate money distribution. I solve for the entire class of exact solutions to the above non-linear second …
Persistent link: https://www.econbiz.de/10009718496
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The threat of counterfeiting in competitive search equilibrium
Shao, Enchuan - 2013
considering an alternative trading mechanism. Specifically, a competitive search environment is employed in which sellers post … offers and buyers direct their search based on those offers. In contrast to the previous studies, buyers' ability to signal … materialize, in that some buyers cannot observe the offers, and therefore search randomly. Counterfeit notes are produced by those …
Persistent link: https://www.econbiz.de/10009762123