Narrow search
Showing 1 - 10 of 1,529
Cover Image
Monetary policy shocks and firms' bank loan expectations
Ferrando, Annalisa; Grazzini, Caterina Forti - 2023
We provide new evidence on how ECB's monetary policy decisions affect firms' bank loan expectations in the euro area. We use firm-level data derived from the ECB Survey on the Access to Finance of Enterprises for the period 2009 to 2022 and identify the impact of monetary policy by comparing the...
Persistent link: https://www.econbiz.de/10014362639
Cover Image
Consumption effects of job loss expectations : new evidence for the euro area
Silva, António Dias da; Rusinova, Desislava; Weißler, … - 2023
Probabilistic job loss expectations elicited in the Consumer Expectations Survey have predictive power for future job loss. We find that an unexpected job loss leads to a negative consumption response, while this effect is muted for workers with ex-ante job loss expectations - consistent with...
Persistent link: https://www.econbiz.de/10014315230
Cover Image
Gambling to preserve price (and fiscal) stability
Corsetti, Giancarlo; Maćkowiak, Bartosz - 2023
uncorrected, must cause inflation, but the imbalance may get corrected in the future with some probability. By maintaining price …
Persistent link: https://www.econbiz.de/10014376056
Cover Image
The effect of macroeconomic uncertainty on household spending
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021
Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10012519401
Cover Image
Sticky expectations and consumption dynamics
Carroll, Chris; Crawley, Edmund; Slacalek, Jirka; … - 2018
Macroeconomic models often invoke consumption "habits" to explain the substantial persistence of macroeconomic consumption growth. But a large literature has found no evidence of habits in the microeconomic datasets that measure the behavior of individual households. We show that the apparent...
Persistent link: https://www.econbiz.de/10011856412
Cover Image
Disciplining expectations and the forward guidance puzzle
Müller, Tobias; Christoffel, Kai; Mazelis, Falk; … - 2020
behaviour of these expectations. We show that the introduction of survey and financial market-based forecasts in the estimation …
Persistent link: https://www.econbiz.de/10012241110
Cover Image
Monetary communication rules
Gáti, Laura; Handlan, Amy - 2022
Is there a systematic mapping between the Federal Reserve's expectations of macro variables and the words it uses to talk about the economy? We propose a simple framework that allows us to estimate communication rules in the United States based on text analysis with regularized regressions. We...
Persistent link: https://www.econbiz.de/10013485936
Cover Image
Economic surprises and inflation expectations : has anchoring of expectations survived the crisis?
Autrup, Søren Lejsgaard; Grothe, Magdalena - 2014
Persistent link: https://www.econbiz.de/10010380001
Cover Image
Monetary policy & anchored expectations : an endogenous gain learning model
Gáti, Laura - 2022
This paper analyzes monetary policy in a model with a potential unanchoring of inflation expectations. The degree of … unanchoring is given by how sensitively the public's long-run inflation expectations respond to inflation surprises. I find that … inflation fluctuations when expectations are well-anchored. Furthermore, I estimate the model-implied relationship that …
Persistent link: https://www.econbiz.de/10013285965
Cover Image
Mitigating the forward guidance puzzle : inattention, credibility, finite planning horizons and learning
De Groot, Oliver; Mazelis, Falk - 2020
This paper develops a simple, consistent methodology for generating empirically realistic forward guidance simulations using existing macroeconomic models by modifying expectations about policy announcements. The main advantage of our method lies in the exact preservation of all other shock...
Persistent link: https://www.econbiz.de/10012241145