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Fiscal multipliers in advanced and developing countries: Evidence from military spending
Sheremirov, Viacheslav; Spirovska, Sandra - 2019
the effects of government spending on output in advanced and developing countries. Identifying government-spending shocks …
Persistent link: https://www.econbiz.de/10012059606
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Output response to government spending: Evidence from new international military spending data
Sheremirov, Viacheslav; Spirovska, Sandra - 2015
effect of government spending on output. Following a popular assumption that military spending is unlikely to respond to … output at business-cycle frequencies - and exploiting variation in military spending of a significantly larger magnitude than … economies and in countries with a fixed exchange rate. The output response to government spending persists for about two to …
Persistent link: https://www.econbiz.de/10011460696
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Monetary policy through production networks: Evidence from the stock market
Ozdagli, Ali; Weber, Michael - 2017
Monetary policy shocks have a large impact on stock prices during narrow time windows centered around press releases by the FOMC. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct effect and a network effect. We attribute 50 to 85 percent of...
Persistent link: https://www.econbiz.de/10012059589
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Do multisectoral New Keynesian models match sectoral data?
Andrade, Philippe; Sheremirov, Viacheslav - 2022
We document empirical regularities of disaggregated inflation and consumption and study whether multisectoral New Keynesian models can explain them. We focus on higher moments of the inflation and consumption growth distributions as well as on the contemporaneous comovement of these two...
Persistent link: https://www.econbiz.de/10014304785
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Show me the money: The monetary policy risk premium
Ozdagli, Ali K.; Velikov, Mihail - 2016
We study how monetary policy affects the cross-section of expected stock returns. For this purpose, we create a parsimonious monetary policy exposure (MPE) index based on observable firm characteristics that are theoretically linked to how firms react to monetary policy. We find that stocks...
Persistent link: https://www.econbiz.de/10011754824
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Inflation dynamics when inflation is near zero
Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Tootell, … - 2011
This paper discusses the likely evolution of U.S. inflation in the near and medium term on the basis of (1) past U.S. experience with very low levels of inflation, (2) the most recent Japanese experience with deflation, and (3) recent U.S. micro evidence on downward nominal wage rigidity. Our...
Persistent link: https://www.econbiz.de/10010280881
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Estimation of forward-looking relationships in closed form: An application to the new Keynesian Phillips curve
Barnes, Michelle L.; Gumbau-Brisa, Fabià; Lie, Denny; … - 2011
We illustrate the importance of placing model-consistent restrictions on expectations in the estimation of forward-looking Euler equations. In two-stage limited-information settings where first-stage estimates are used to proxy for expectations, parameter estimates can differ substantially,...
Persistent link: https://www.econbiz.de/10010280894
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A response to Cogley and Sbordone's comment on Closed-form estimates of the new Keynesian Phillips curve with time-varying trend inflation
Gumbau-Brisa, Fabià; Lie, Denny; Olivei, Giovanni P. - 2011
In their 2010 comment (which we refer to as CS10), Cogley and Sbordone argue that: (1) our estimates are not entirely closed form, and hence are arbitrary; (2) we cannot guarantee that our estimates are valid, while their estimates (Cogley and Sbordone 2008, henceforth CS08) always are; and (3)...
Persistent link: https://www.econbiz.de/10010280905
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Closed-form estimates of the New Keynesian Phillips Curve with time-varying trend inflation
Barnes, Michelle L.; Gumbau-Brisa, Fabià; Lie, Denny; … - 2009
We compare estimates of the New Keynesian Phillips Curve (NKPC) when the curve is specified in two different ways. In the standard difference equation (DE) form, current inflation is a function of past inflation, expected future inflation, and real marginal costs. The alternative closed form...
Persistent link: https://www.econbiz.de/10010280935
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Policy response to external shocks: Lessons from the crisis
Capistrán, Carlos; Cuadra, Gabriel; Ramos-Francia, Manuel - 2011
Emerging economies have been subject to abrupt reversals in capital inflows, which have adverse consequences for economic activity and financial stability. An important question for policymakers is how to respond to a sudden loss of external financing and its negative effects on the domestic...
Persistent link: https://www.econbiz.de/10010322619