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Expectations, monetary policy, and labor markets : lessons from the Great Depression

Reicher, Christopher Phillip - 2009

This paper estimates a series of shocks to hit the US economy during the Great Depression, using a New Keynesian model with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the cyclical behavior of employment, while an increase in...

Persistent link: https://www.econbiz.de/10003872040

Yield curve control

Kortelainen, Mika - 2020

friction to break Wallace's neutrality. We calibrate a bond supply shock that corresponds to the observed change in the time …

Persistent link: https://www.econbiz.de/10012221811

Managing households' expectations with salient economic policies

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019

The empirical effectiveness of economic policies that operate theoretically through similar channels differs substantially. We document this fact by comparing an easy-to-grasp expectations-based policy, unconventional fiscal policy, with a policy whose implications are harder to understand by...

Persistent link: https://www.econbiz.de/10012057290

Managing households' expectations with unconventional policies

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2021

Binding lower bounds on interest rates and large government deficits limit the scope of fiscal and monetary policies to stimulate households' spending through financial intermediaries and firms. Policymakers have thus been implementing unconventional policies that aim to increase households'...

Persistent link: https://www.econbiz.de/10012490917

Monetary union and macroeconomic stabilization

Groll, Dominik - 2013

It is conventionally held that countries are worse off by forming a monetary union when it comes to macroeconomic stabilization. However, this conventional view relies on assuming that monetary policy is conducted optimally. Relaxing the assumption of optimal monetary policy not only uncovers...

Persistent link: https://www.econbiz.de/10010202935

Monetary union and macroeconomic stabilization

Groll, Dominik - 2014 - This version: February 14, 2014

Persistent link: https://www.econbiz.de/10011415479

Subjective models of the macroeconomy : evidence from experts and a representative sample

Andre, Peter; Pizzinelli, Carlo; Roth, Christopher; … - 2019

the inflation rate respond to four different hypothetical exogenous shocks: a monetary policy shock, a government spending … shock, an income tax shock, and an oil price shock. While expert predictions are quantitatively close to benchmarks from … predictions of changes in inflation are at odds with those of experts both for the tax shock and the interest rate shock. We show …

Persistent link: https://www.econbiz.de/10012104048

Subjective models of the macroeconomy: evidence from experts and representative samples

Andre, Peter; Pizzinelli, Carlo; Roth, Christopher; … - 2021

We study people’s subjective models of the macroeconomy and shed light on their at-tentional foundations. To do so, we measure beliefs about the eﬀects of macroeconomic shocks on unemployment and inﬂation, providing respondents with identical information about the parameters of the shocks...

Persistent link: https://www.econbiz.de/10012663050

Policy and business cycle shocks : a structural factor model representation of the US economy

Forni, Mario; Gambetti, Luca - In: Journal of risk and financial management : JRFM 14 (2021) 8, pp. 1-21

find that (i) the US economy is well described by a number of structural shocks between two and five. Focusing on the four-shock …

Persistent link: https://www.econbiz.de/10012626760

A behavioral heterogeneous agent New Keynesian model

Pfäuti, Oliver; Seyrich, Fabian - 2022 - Updated version, August 2022

strongly than in the rational model after an inflationary supply shock to fully stabilize inflation. While fully stabilizing …

Persistent link: https://www.econbiz.de/10013336069

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