Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy … volatility effects of the shock are driven by agents' concern about the (in)ability of the monetary authority to reverse … rate by 150 basis points causes output and inflation volatility to rise around 10% above their steady-state standard …

shock has remained fairly stable. Simulations from a non-linear DSGE model suggest that these empirical results are …

Structural DSGE models are used for analyzing both policy and the sources of business cycles. Conclusions based on full … based on narrative shocks. This paper asks whether both approaches agree. Specifically, I use narrative data in a DSGE …‐SVAR that partially identify policy shocks in the VAR and assess the fit of the DSGE model relative to this narrative benchmark …

estimate a non-linear DSGE model with a heterogeneous banking sector and an occasionally binding borrowing constraint. The …

subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate …

policy can support the macroeconomic transmission of fiscal interventions. We employ a DSGE model with financial frictions …