monetary policy and sunspots. The key distinction between the shocks lies in their relation to the realized policy shock. If … monetary policy is 'active', the sunspots are irrelevant, and the model responses to the news shocks are unique. In both cases …

A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in … sufficiently strong, a technology shock also has a negative effect on output in the short run. …

A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in … sufficiently strong, a technology shock also has a negative effect on output in the short run. …

Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic …

Using cross-country data, this paper estimates the impact of the 2007 financial shock on countries' macroeconomic …

In this paper, we compare the transmission of a conventional monetary policy shock with that of an unexpected decrease … volatility, our results are two-fold: First, the spread shock works mainly through a boost to consumer wealth growth, while a … conventional monetary policy shock affects real output growth via a broad credit/bank lending channel. Second, both shocks exhibit …

estimation of a heterogeneous firm model with aggregate shocks to neutral and investment-specific productivity. I find that the … behavior of investment at the firm level quantitatively shapes inference about the aggregate shock processes, suggesting an …