Showing 1 - 6 of 6
This paper documents changes in the cyclical behavior of nominal data series that appear after 1979:Q3 when the Federal Reserve implemented a policy to lower the inflation rate. Such changes were not apparent in real variables. A business cycle model with impulses to technology and a role for...
Persistent link: https://www.econbiz.de/10005360556
This paper analyzes the interaction of inflation with the tax code and its contribution to aggregate fluctuations. We find significant effects operating through the tax on realized nominal capital gains. A tax on nominal bond income magnifies these effects. Our innovation is to combine monetary...
Persistent link: https://www.econbiz.de/10005352768
Gavin and Kydland (1999) calculated the cyclical properties of money and prices for the periods before and after the October 1979 policy change. In this article, we extend that work by adding four more years of data and including a study of nominal interest rates and inflation. The adoption of a...
Persistent link: https://www.econbiz.de/10005707712
An empirical and theoretical analysis of how changes in the monetary policy function affect the covariance structure of macroeconomic data.
Persistent link: https://www.econbiz.de/10005526601
Persistent link: https://www.econbiz.de/10005414758
This paper develops a monetary model with taxes to account for the apparently asymmetric and time-varying effects of energy shocks on output and hours worked in post-World War II U.S. data. In our model, the real effects of an energy shock are amplified when the monetary authority responds to...
Persistent link: https://www.econbiz.de/10010665450