Showing 1 - 10 of 25
This paper studies the effects of FOMC forward guidance. We begin by using high frequency identification and direct measures of FOMC private information to show that puzzling responses of private sector forecasts to movements in federal funds futures rates on FOMC announcement days can be...
Persistent link: https://www.econbiz.de/10011487809
Persistent link: https://www.econbiz.de/10003791483
This paper demonstrates that an estimated, structural, small open-economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The benchmark model assumes uncorrelated shocks across countries and...
Persistent link: https://www.econbiz.de/10003914665
Persistent link: https://www.econbiz.de/10003931303
We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects...
Persistent link: https://www.econbiz.de/10003948199
Persistent link: https://www.econbiz.de/10008648741
Persistent link: https://www.econbiz.de/10009259798
Persistent link: https://www.econbiz.de/10009314034
U.S. households' debt skyrocketed between 2000 and 2007, but has since been falling. This leveraging and deleveraging cycle cannot be accounted for by the liberalization and subsequent tightening of mortgage credit standards that occurred during the period. We base this conclusion on a...
Persistent link: https://www.econbiz.de/10009721293
Persistent link: https://www.econbiz.de/10010253100