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Micro jumps, macro humps : monetary policy and business cycles in an estimated HANK model
Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig - 2020
shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high … MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to … investment shocks, leading our model to infer a central role for these shocks as a source of business cycles. …
Persistent link: https://www.econbiz.de/10012154622
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Micro Jumps, Macro Humps : Monetary Policy and Business Cycles in an Estimated Hank Model
Auclert, Adrien - 2020
shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high … MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to … investment shocks, leading our model to infer a central role for these shocks as a source of business cycles …
Persistent link: https://www.econbiz.de/10012842965
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Lumpy Investment, Fluctuations in Volatility, and Monetary Policy
Fang, Min - 2020
Is monetary policy less effective at stimulating investment during periods of elevated volatility (when all firms … elevated volatility leads to a decrease in extensive margin investment incentive so that nominal stimulus generates less … aggregate investment. To do this, I first document empirically that high volatility weakens firms' investment responses to …
Persistent link: https://www.econbiz.de/10012840814
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The impacts of credit standards on aggregate fluctuations in a small open economy : the role of monetary policy
Le, Hai - In: Economies : open access journal 9 (2021) 4, pp. 1-26
Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...
Persistent link: https://www.econbiz.de/10012800343
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Financial Constraints, Sectoral Heterogeneity, and the Cyclicality of Investment
Howes, Cooper - 2021
While investment in most sectors declines in response to a contractionary monetary policy shock, investment in the …
Persistent link: https://www.econbiz.de/10013213795
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Switching-track after the Great Recession
Vinci, Francesca; Licandro, Omar - 2021
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012627907
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Switching-track after the great recession
Vinci, Francesca; Licandro, Omar - 2021
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012533939
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Monetary policy and asset price overshooting: a rationale for the Wall/Main Street disconnect
Caballero, Ricardo J.; Simsek, Alp - 2022
We analyze optimal monetary policy and its implications for asset prices, when aggregate demand has inertia and responds to asset prices with a lag. If there is a negative output gap, the central bank optimally overshoots aggregate asset prices (asset prices are initially pushed above their...
Persistent link: https://www.econbiz.de/10013093040
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A New Keynesian Model with Robots : Implications for Business Cycles and Monetary Policy
Lin, Tsu-ting Tim - 2018
This paper examines the effects of labor-replacing capital, which we call robots, on business cycle dynamics using a New Keynesian model with a role for both traditional and robot capital. We find that shocks to the price of robots have effects on output, employment, wages, and labor's share of...
Persistent link: https://www.econbiz.de/10012932260
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Business cycle implications of mortgage spreads
Walentin, Karl - 2014 - September 2013 (Updated March 2014)
increase in consumption, residential investment and GDP by 1.6 percent, 6.2 percent and 1.9 percent, respectively. These …
Persistent link: https://www.econbiz.de/10010202977