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A reappraisal of the inflation-unemployment tradeoff
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2002
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth," describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation and … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. …
Persistent link: https://www.econbiz.de/10010281025
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The Chicago Fed DSGE Model
Brave, Scott A.; Campbell, Jeffrey R.; Fisher, Jonas D. M. - 2012
The Chicago Fed dynamic stochastic general equilibrium (DSGE) model is used for policy analysis and forecasting at the Federal Reserve Bank of Chicago. This article describes its specification and estimation, its dynamic characteristics and how it is used to forecast the US economy. In many...
Persistent link: https://www.econbiz.de/10010292149
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The federal home loan bank system: The lender of next-to-last resort?
Ashcraft, Adam; Bech, Morten L.; Frame, W. Scott - 2009
The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. This paper first documents the significant role played by the FHLB...
Persistent link: https://www.econbiz.de/10010292250
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Bond positions, expectations, and the yield curve
Piazzesi, Monika; Schneider, Martin - 2008
This paper implements a structural model of the yield curve with data on nominal positions and survey forecasts. Bond prices are characterized in terms of investors' current portfolio holdings as well as their subjective beliefs about future bond payoffs. Risk premia measured by an...
Persistent link: https://www.econbiz.de/10010292351
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Monetary Policy and Inequality in the UK
Mumtaz, Haroon; Theophilopoulou, Angeliki - 2015
evidence suggest that this effect is smaller during the inflation targeting period. …
Persistent link: https://www.econbiz.de/10011380977
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Limited commitment and the demand for money in the UK
Berentsen, Aleksander; Huber, Samuel; Marchesiani, … - 2015
In the United Kingdom, money demand deviates from the convex relationship suggested by monetary theory. Limited commitment of borrowers via banks can explain this observation. Our finding is based on a microfounded monetary model, where a money market provides insurance against idiosyncratic...
Persistent link: https://www.econbiz.de/10011420553
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Bank lending, financial frictions, and inside money creation
Altermatt, Lukas - 2019
inflation rate reduces investment and welfare. This is because the money market is an outside option for banks that face bad …
Persistent link: https://www.econbiz.de/10012026514
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The Pavlovian Response of Term Rates to Fed Announcements
Jorda, Oscar; Demiralp, Selva - 1999
The traditional view of the monetary transmission mechanism rests on the premise that the Federal Reserve (Fed) controls the level of the Federal funds rate via open market operations and the liquidity effect. By contrast, this paper argues that the Fed also manipulates the Federal funds rate...
Persistent link: https://www.econbiz.de/10011940975
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Time-Varying Uncertainty and the Credit Channel
Salyer, Kevin; Lee, Gabriel S. - 2004
We extend the Carlstrom and Fuerst (1997) agency cost model of business cycles by including time varying uncertainty in the technology shocks that affect capital production. We first demonstrate that standard linearization methods can be used to solve the model yet second moment effects still...
Persistent link: https://www.econbiz.de/10011940985
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Endogenous money: Structuralist and horizontalist
Wray, L. Randall - 2007
While the mainstream long argued that the central bank could use quantitative constraints as a means to controlling the private creation of money, most economists now recognize that the central bank can only set the overnight interest ratewhich has only an indirect impact on the quantity of...
Persistent link: https://www.econbiz.de/10010266639