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Monetary policy and economic performance since the financial crisis
Caldara, Dario; Gagnon, Etienne; Martínez-García, Enrique - 2020
We review macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve's dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We...
Persistent link: https://www.econbiz.de/10012308081
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What does financial crisis tell us about exporter behavior and credit reallocation?
Jiao, Yang; Wen, Yi - 2019 - This Version: August 28, 2019
Using Japanese firm data covering the Japanese financial crisis in the early 1990s, we find that exporters' domestic sales declined more significantly than their foreign sales, which in turn declined more significantly than non-exporters' sales. This stylized fact provides a new litmus test for...
Persistent link: https://www.econbiz.de/10012137074
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What do VARs tell us about the impact of a credit supply shock?
Mumtaz, Haroon; Pinter, Gabor; Theodoridis, Konstantinos - 2015
, on average, that credit supply shocks that raise spreads by 10 basis points reduce GDP growth and inflation by 1% after …
Persistent link: https://www.econbiz.de/10010484833
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Financial conditions and density forecasts for US output and inflation
Alessandri, Piergiorgio; Mumtaz, Haroon - 2014
" macroeconomic events. We examine this conjecture by studying Bayesian predictive distributions for output growth and inflation in …
Persistent link: https://www.econbiz.de/10010339756
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A Monetary Model with Strong Liquidity Effects
Hagedorn, Marcus - Institut für Schweizerisches Bankwesen <Zürich> - 2001
This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the …
Persistent link: https://www.econbiz.de/10005857754
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Business cycle persistence in developing countries : how successful is a DSGE model with a vertical production chain and sticky prices?
Male, Rachel - 2010
of this analysis is that the model overestimates output persistence in high inflation countries and underestimates output … persistence in low inflation countries. This has important implications not only for this model, but also for any economist … persistence ; Vertical production chain ; Staggered price contracts ; Economic development ; Inflation …
Persistent link: https://www.econbiz.de/10008665125
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Developing country business cycles : revisiting the stylised facts
Male, Rachel - 2010
Identifying business cycle stylised facts is essential as these often form the basis for the construction and validation of theoretical business cycle models. Furthermore, understanding the cyclical patterns in economic activity, and their causes, is important to the decisions of both...
Persistent link: https://www.econbiz.de/10003990420
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Optimal monetary policy under negative interest rate
Dong, Feng; Wen, Yi - 2017 - This version: May 16, 2017
In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held...
Persistent link: https://www.econbiz.de/10011691605
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Long and Plosser meet Bewley and Lucas
Dong, Feng; Wen, Yi - 2018
We develop a N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a la Bewley (1980) and Lucas (1980). Despite incomplete markets and a well-defined distribution of real money balances across heterogeneous households, the enriched N-sector...
Persistent link: https://www.econbiz.de/10011911508
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An anatomy of external shocks in the Andean region
Carrillo-Maldonado, Paul; Díaz Cassou, Javier - 2019
domestic product, the real exchange rate, fiscal and trade balances, and inflation to global demand, commodity price, monetary …
Persistent link: https://www.econbiz.de/10012117480