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John Maynard Keynes: Is That you Knocking on the Door?
Kowalski, Tadeusz; Shachmurove, Yochanan - Zakład Ekonometrii Stosowanej, Szkoła Główna … - 2011
This paper provides an overview of the evolution of macroeconomic thought from 1936, the year John Maynard Keynes published his general theory of employment, interest and money to the year 2010. It explores the reasons for the extension of the business cycle during the postwar period. The paper...
Persistent link: https://www.econbiz.de/10009293018
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An Historical Walk Through Recent Financial Crises
Kowalski, Tadeusz; Shachmurove, Yochanan - Department of Economics, University of Pennsylvania - 2011
This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper...
Persistent link: https://www.econbiz.de/10009145755
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Agency costs and investment behavior
Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin Duff - 2005
How do differences in the creit channel affect investment behavior in the U.S. and the Euro area? To analyze this … default premium associated with bank loans and bankruptcy rates, to identify the differences in the U.S. and European … elasticities for capital are less elastic than the U.S. -- agency costs ; credit channel ; investment behavior ; E.U. area …
Persistent link: https://www.econbiz.de/10009730390
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Describing the Fed's conduct with Taylor rules
Castelnuovo, Efrem - 2003
In this paper we estimate simple Taylor rules paying particular attention to interest rate smoothing. Following English, Nelson, and Sack (2002), we employ a model in first differences to gain some insights into the presence and signifcance of the degree of partial adjustment as opposed to a...
Persistent link: https://www.econbiz.de/10009635982
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Monetary policy and inflationary shocks under imperfect credibility
Darracq Pariès, Matthieu; Moyen, Stéphane - 2009
This paper quantifies the deterioration of achievable stabilization outcomes when monetary policy operates under imperfect credibility and weak anchoring of long-term expectations. Within a medium-scale DSGE model, we introduce through a simple signal extraction problem, an imperfect knowledge...
Persistent link: https://www.econbiz.de/10003867037
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Monetary policy and housing prices in an estimated DSGE for the US and the euro area
Darracq Pariès, Matthieu; Notarpietro, Alessandro - 2008
We estimate a two-country Dynamic Stochastic General Equilibrium model for the US and the euro area including relevant housing market features and examine the monetary policy implications of housing-related disturbances. In particular, we derive the optimal monetary policy cooperation consistent...
Persistent link: https://www.econbiz.de/10003825943
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Non-standard monetary policy measures and monetary developments
Giannone, Domenico; Lenza, Michele; Pill, Huw - 2011
Standard accounts of the Great Depression attribute an important causal role to monetary policy errors in accounting for the catastrophic collapse in economic activity observed in the early 1930s. While views vary on the relative importance of money versus credit contraction in the propagation...
Persistent link: https://www.econbiz.de/10008901492
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Innocent bystanders? : monetary policy and inequality in the US
Coibion, Olivier; Gorodnichenko, Yuriy; Küng, Lorenz; … - 2012
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....
Persistent link: https://www.econbiz.de/10009548662
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Domestic money and US output and inflation
Aksoy, Yunus; Piskorski, Tomasz - 2001 - This version: August 2001
Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992)...
Persistent link: https://www.econbiz.de/10009767691
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Risk shocks and housing markets
Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin Duff - 2010
countercyclical behavior of risk premia on loans to the housing sector. -- agency costs ; credit channel ; time-varying uncertainty … ; residential investment ; housing production ; calibration …
Persistent link: https://www.econbiz.de/10009733806