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Risk shocks and housing markets
Lee, Gabriel; Dorofeenko, Victor; Salyer, Kevin - 2010
varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that … risk shocks to the housing production sector are a quantitatively important impulse mechanism for the business cycle. Also … countercyclical behavior of risk premia on loans to the housing sector. …
Persistent link: https://www.econbiz.de/10010282114
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The response of term rates to monetary policy uncertainty
Jordá, Oscar; Salyer, Kevin D. - 2001
This paper shows that greater uncertainty about monetary policy can lead to a decline in nominal interest rates. In the context of a limited participation model, monetary policy uncertainty is modeled as a mean-preserving spread in the distribution for the money growth process. This increase in...
Persistent link: https://www.econbiz.de/10010318595
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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 interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...
Persistent link: https://www.econbiz.de/10010281025
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Monetary Policy and Inequality in the UK
Mumtaz, Haroon; Theophilopoulou, Angeliki - 2015
The UK has experienced a dramatic increase in earnings and income inequality over the past four decades. We use detailed micro level information to construct historical measures of inequality from 1968 to 2008. We study whether monetary policy shocks played a significant role in explaining this...
Persistent link: https://www.econbiz.de/10011380977
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The Chicago Fed DSGE Model
Brave, Scott A.; Campbell, Jeffrey R.; Fisher, Jonas D. M. - 2012
Federal Reserve Bank of Chicago. This article describes its specification and estimation, its dynamic characteristics and how …
Persistent link: https://www.econbiz.de/10010292149
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Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2002
This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth," i.e. the interaction between money growth and...
Persistent link: https://www.econbiz.de/10010281024
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The global crisis and the remedial actions: A nonmainstream perspective
Sen, Sunanda - 2011
The global financial crisis has now spread across multiple countries and sectors, affecting both financial and real spheres in the advanced as well as the developing economies. This has been caused by policies based on rational expectation models that advocate deregulated finance, with...
Persistent link: https://www.econbiz.de/10010286492
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The impact of monetary policy on inequality in the UK: An empirical analysis
Mumtaz, Haroon; Theophilopoulou, Angeliki - 2016
The UK has experienced a dramatic increase in earnings and income inequality over the past four decades. We use detailed micro level information to construct quarterly historical measures of inequality from 1969 to 2012. We investigate whether monetary policy shocks played a role in explaining...
Persistent link: https://www.econbiz.de/10011796507
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The Chicago Fed DSGE model: Version 2
Campbell, Jeffrey R.; Ferroni, Filippo; Fisher, Jonas D. M. - 2023
Federal Reserve Bank of Chicago. This guide describes its specification, estimation, dynamic characteristics, and how it is …
Persistent link: https://www.econbiz.de/10014480569
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Minsky on banking: Early work on endogenous money and the prudent banker
Wray, L. Randall - 2015
In this paper, I examine whether Hyman P. Minsky adopted an endogenous money approach in his early work - at the time that he was first developing his financial instability approach. In an earlier piece (Wray 1992), I closely examined Minsky's published writings to support the argument that,...
Persistent link: https://www.econbiz.de/10010513077