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Vredin, Anders; Warne, Anders - 2000

In this paper we study 2-state Markov switching VAR models of monthly unemployment and inflation for three countries … with high or low unemployment volatility. We find that MS-VAR models seem to provide a better description of the data than … variance in unemployment. In the U.S. case we find that the variance of unemployment is lower in the low inflation regime than …

Persistent link: https://www.econbiz.de/10011584800

Unemployment fluctuations and nominal GDP targeting

Billi, Roberto M. - 2020

I evaluate the welfare performance of a target for the level of nominal GDP in a New Keynesian model with unemployment …

Persistent link: https://www.econbiz.de/10012161495

Slow recoveries and unemployment traps : monetary policy in a time of hysteresis

Acharya, Sushant; Bengui, Julien; Dogra, Keshav; Wee, … - In: The economic journal : the journal of the Royal … 132 (2022) 646, pp. 2007-2047

Persistent link: https://www.econbiz.de/10013349664

Identifying the effects of monetary policy shocks in an open economy

Jacobson, Tor; Jansson, Per; Vredin, Anders; Warne, Anders - 2002

This paper presents estimates of the effects of monetary policy shocks on the Swedish economy. A theoretical model of an open economy is used to identify a structural VAR model. The empirical results from the identified VAR model are compared with two less structural approaches for...

Persistent link: https://www.econbiz.de/10011583125

Inflation, markups and monetary policy

Jonsson, Magnus; Palmqvist, Stefan Ulf - 2003

The correlation between persistent changes in the markup in one sector of an economy and the inflation rate is quantified in a 2-sector dynamic general equilibrium model. How this relationship is affected by monetary policy is also studied. We find that the correlation is in general positive...

Persistent link: https://www.econbiz.de/10011585093

The impact of monetary policy on household borrowing : a high-frequency IV identification

Sandström, Maria - 2018

This paper combines identification of monetary policy shocks from highfrequency financial market data with local projections IV to study the effects of monetary policy on household borrowing using Swedish data. The results are uncertain but indicate that the stock of household loans is 1.6...

Persistent link: https://www.econbiz.de/10011805996

Dynamic demand adjustment and exchange rate volatility

Corbo, Vesna - 2014

A common finding in the international-economics literature is that the elasticity of substitution between domestically produced and imported goods is smaller in the short than in the long run. Despite this, most of today's commonly used macroeconomic models assume this elasticity to be constant....

Persistent link: https://www.econbiz.de/10010437790

Business cycle implications of mortgage spreads

Walentin, Karl - 2014 - September 2013 (Updated March 2014)

How do aggregate quantities at the business cycle frequency respond to shocks to the spread between residential mortgage rates and government bonds? Using a structural VAR approach, we find that mortgage spread shocks impact the real economy by both economically and statistically significant...

Persistent link: https://www.econbiz.de/10010202977

Forward interest rates and inflation expectations : the role of regime shift premia and monetary policy

Dillén, Hans; Hopkins, Elisabeth - 1998

In this paper we argue that there are two major explanations to why Swedish forward interest rates have been high and volatile: (i) Investors' fears that the economy will switch to a high inflation regime give rise to a regime shift premium. (ii) Expectations of monetary policy actions amplify...

Persistent link: https://www.econbiz.de/10010128042

Policy rules for inflation targeting

Rudebuschy, Glenn D.; Svensson, Lars E. O. - 1998

Policy rules that are consistent with inflation targeting are examined in a small macro-econometric model of the US economy. We compare the properties and outcomes of explicit "instrument rules" as well as "targeting rules". The latter, which imply implicit instrument rules, may be closer to...

Persistent link: https://www.econbiz.de/10010128044

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