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Why Are Target Interest Rate Changes So Persistent?
Coibion, Olivier; Gorodnichenko, Yuriy - In: American Economic Journal: Macroeconomics 4 (2012) 4, pp. 126-62
While the degree of policy inertia in central banks' reaction functions is a central ingredient in theoretical and empirical monetary economics, the source of the observed policy inertia in the United States is controversial, with tests of competing hypotheses, such as interest-smoothing and...
Persistent link: https://www.econbiz.de/10010599087
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Is the Phillips Curve Alive and Well after All? Inflation Expectations and the Missing Disinflation
Coibion, Olivier; Gorodnichenko, Yuriy - In: American Economic Journal: Macroeconomics 7 (2015) 1, pp. 197-232
We evaluate explanations for the absence of disinflation during the Great Recession and find popular explanations to be insufficient. We propose a new explanation for this puzzle within the context of a standard Phillips curve. If firms' inflation expectations track those of households, then the...
Persistent link: https://www.econbiz.de/10011107225
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Monetary Policy When Potential Output is Uncertain: Understanding the Growth Gamble of the 1990s
Gorodnichenko, Yuriy; Shapiro, Matthew D. - National Bureau of Economic Research (NBER) - 2006
The Fed kept interest rates low and essentially unchanged during the late 1990s despite a booming economy and record-low unemployment. These interest rates were accommodative by historical standards. Nonetheless, inflation remained low. How did the Fed succeed in sustaining rapid economic growth...
Persistent link: https://www.econbiz.de/10005050312
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The Voice of Monetary Policy
Gorodnichenko, Yuriy; Pham, Tho; Talavera, Oleksandr - National Bureau of Economic Research - 2021
We develop a deep learning model to detect emotions embedded in press conferences after the meetings of the Federal Open Market Committee and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Fed's actions and the sentiment in policy...
Persistent link: https://www.econbiz.de/10012496146
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The voice of monetary policy
Gorodnichenko, Yuriy; Pham, Tho; Talavera, Oleksandr - In: American economic review 113 (2023) 2, pp. 548-584
Persistent link: https://www.econbiz.de/10014229950
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Information and the formation of inflation expectations by firms : evidence from a survey of Israeli firms
Gorodnichenko, Yuriy; Melnick, Rafi; Kutai, Ari - 2023
This study analyzes how firms form their inflation expectations during a regime change in monetary policy and a transition to a low-inflation environment. Using the Bank of Israel survey of firms, we document the basic properties of firms' inflation expectations and examine how Israeli firms...
Persistent link: https://www.econbiz.de/10014318218
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Forward guidance and household expectations
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2020
We compare the causal effects of forward guidance communication about future interest rates on households' expectations … of inflation, mortgage rates, and unemployment to the effects of communication about future inflation in a randomized …
Persistent link: https://www.econbiz.de/10012177886
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Forward guidance and household expectations
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2020 - This Draft: February 10th, 2020
We compare the causal effects of forward guidance communication about future interest rates on households' expectations … of inflation, mortgage rates, and unemployment to the effects of communication about future inflation in a randomized …
Persistent link: https://www.econbiz.de/10012171803
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Forward guidance and household expectations
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021 - This Draft: April 19th, 2021
Persistent link: https://www.econbiz.de/10012631691
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Keep Calm and Bank On : Panic-Driven Bank Runs and the Role of Public Communication
Sandri, Damiano; Grigoli, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2023
' perspectives on bank stability, the potential for panic-driven bank runs, and the role of public communication. When informed about … into other banks and cash, with little passthrough into spending. Information about FDIC insurance and communication about … bank stability by the Federal Reserve can reassure depositors, while communication from political leaders only influences …
Persistent link: https://www.econbiz.de/10014337876