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Uncertainty shocks, asset supply and pricing over the business cycle

Bianchi, Francesco; Ilut, Cosmin; Schneider, Martin - 2014

Persistent link: https://www.econbiz.de/10010360032

Constrained discretion and central bank transparency

Bianchi, Francesco; Melosi, Leonardo - 2016

We develop and estimate a general equilibrium model to quantitatively assess the effects and welfare implications of central bank transparency. Monetary policy can deviate from active inflation stabilization and agents conduct Bayesian learning about the nature of these deviations. Under...

Persistent link: https://www.econbiz.de/10011560575

Monetary policy and asset valuation : evidence from a Markov-switching cay

Bianchi, Francesco; Lettau, Martin; Ludvigson, Sydney C. - 2016

Persistent link: https://www.econbiz.de/10011540476

Globalization and inflation : evidence from a time-varying VAR

Bianchi, Francesco; Civelli, Andrea - In: Review of economic dynamics 18 (2015) 2, pp. 405-433

Persistent link: https://www.econbiz.de/10011564179

Uncertainty Shocks, Asset Supply and Pricing Over the Business Cycle

Bianchi, Francesco - 2014

This paper estimates a business cycle model with endogenous financial asset supply and ambiguity averse investors. Firms' shareholders choose not only production and investment, but also capital structure and payout policy subject to financial frictions. An increase in uncertainty about profits...

Persistent link: https://www.econbiz.de/10013054525

Monetary Policy and Asset Valuation

Bianchi, Francesco - 2016

The U.S. economy is characterized by large, longer term regime shifts in asset values relative to macroeconomic fundamentals. These movements coincide with shifts in the real federal funds rate in excess of a measure of the natural rate of interest, and in equity market return premia. We specify...

Persistent link: https://www.econbiz.de/10012984111

Monetary Policy and Asset Valuation

Bianchi, Francesco; Lettau, Martin; Ludvigson, Sydney C. - 2021

We document large, longer-term, joint regime shifts in asset valuations and the real federal funds rate-r* spread. To interpret these findings, we estimate a novel macro-finance model of monetary transmission and find that the documented regimes coincide with shifts in the parameters of a policy...

Persistent link: https://www.econbiz.de/10013234115

The Long-Term Impact of the Covid-19 Unemployment Shock on Life Expectancy and Mortality Rates

Bianchi, Francesco; Bianchi, Giada; Song, Dongho - 2021

We adopt a time series approach to investigate the historical relation between unemployment, life expectancy, and mortality rates. We fit Vector-autoregressions for the overall US population and for groups identified based on gender and race. We use our results to assess the long-run effects of...

Persistent link: https://www.econbiz.de/10013247846

Monetary-Based Asset Pricing : A Mixed-Frequency Structural Approach

Bianchi, Francesco; Ludvigson, Sydney C.; Ma, Sai - National Bureau of Economic Research - 2022

We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation …. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why … financial market risk. However, the structural estimation also finds that much of the causal impact of monetary policy on …

Persistent link: https://www.econbiz.de/10013210100

Monetary policy and asset valuation

Bianchi, Francesco; Lettau, Martin; Ludvigson, Sydney C. - In: The journal of finance : the journal of the American … 77 (2022) 2, pp. 967-1017

Persistent link: https://www.econbiz.de/10013190467