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Endogenous Growth, Monetary Shocks and Nominal Rigidities
Annicchiarico, Barbara; Pelloni, Alessandra; Rossi, Lorenza - 2010
We introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth depends on the persistence of the nominal shocks and on the...
Persistent link: https://www.econbiz.de/10010343890
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Shaping the future : policy shocks and the GDP growth distribution
Boire, François-Michel; Duprey, Thibaut; Ueberfeldt, … - 2021 - Last updated: May 25, 2021
We incorporate quantile regressions into a structural vector autoregression model to empirically assess how monetary and fiscal policy influence risks around future GDP growth. Using a panel of six developed countries, we find that both policy instruments affect the location of the distribution...
Persistent link: https://www.econbiz.de/10012522864
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Understanding persistent stagnation
Cuba-Borda, Pablo; Singh, Sanjay R. - 2019 - This version: February 2019
We theoretically explore long-run stagnation at the zero lower bound in a representative agent framework. We analytically compare expectations-driven stagnation to a secular stagnation episode and find contrasting policy implications for changes in government spending, supply shocks and...
Persistent link: https://www.econbiz.de/10012004630
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Robustness and Real Consequences of Nominal Wage Rigidity
Fehr, Ernst; Goette, Lorenz - 2021
unemployment. Moreover, the wage sweep-ups caused by nominal rigidity are strongly correlated with unemployment suggesting that … downward rigidity of nominal wages indeed contributes to unemployment …
Persistent link: https://www.econbiz.de/10013321298
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Understanding persistent stagnation
Cuba-Borday, Pablo; Singhz, Sanjay R. - 2019 - This version: February 2019
We theoretically explore long-run stagnation at the zero lower bound in a representative agent framework. We analytically compare expectations-driven stagnation to a secular stagnation episode and find contrasting policy implications for changes in government spending, supply shocks and...
Persistent link: https://www.econbiz.de/10012101362
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Seven replies to the critiques of Modern Money Theory
Tymoigne, Éric - 2021
Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained … (persistent nonfrictional unemployment, unfair inequalities, and financial instability), their policy proposals do not lead to a …
Persistent link: https://www.econbiz.de/10012795769
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The Asymmetric Effects of Oil Shocks on Output Growth : A Markov-Switching Analysis for the G-7 Countries
Manera, Matteo - 2014
business cycle features for each country. Third, the introduction of different oil shock specifications is never rejected …. Fourth, positive oil price changes, net oil price increases and oil price volatility are the oil shock definitions which …
Persistent link: https://www.econbiz.de/10012709869
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Oil Price Fluctuations and it Impact on Economic Growth : A DSGE Approach
Bondzie, Eric - 2016
policy shocks (money supply-interest rate induced) on economic growth in Ghana. We realized that, a shock on interest rate … paradoxical effect of a negative interest rate on total money supply. We also showed that a positive output shock has the same … effect on consumption, investment, prices and wages as in the case of interest rate shock …
Persistent link: https://www.econbiz.de/10012999305
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Growth prospects, the natural interest rate, and monetary policy
Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - 2019
The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining … persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion …
Persistent link: https://www.econbiz.de/10012022449
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Growth prospects, the natural interest rate, and monetary policy
Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - 2019
The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining … persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion …
Persistent link: https://www.econbiz.de/10011976123