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Endogenous forward guidance
Chafwehé, Boris; Oikonomou, Rigas; Priftis, Romanos; … - 2019
commiting to keep interest rates low at the exit of the liquidity trap, to stabilize inflation today. 2. From debt … consolidated budget) monetary policy becomes subservient to fiscal policy, giving rise to more volatile inflation, output and … interest rates. Liquidity trap (LT) episodes are longer, however, the impact of interest rate policy commitments on inflation …
Persistent link: https://www.econbiz.de/10012304687
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Active, or passive? : revisiting the role of fiscal policy in the Great Inflation
Ettmeier, Stephanie; Kriwoluzky, Alexander - 2019
We revisit the question whether U.S. fiscal policy in the pre-Volcker period was active or passive. To determine the policy stance, we estimate a DSGE model with monetary and fiscal policy interactions employing a sequential Monte Carlo algorithm (SMC) for posterior evaluation. In contrast to...
Persistent link: https://www.econbiz.de/10012309706
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The micro-level price response to monetary policy
Balleer, Almut; Zorn, Peter - 2020
We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. After expansionary monetary policy, the increase in the frequency of price change is economically small, the average absolute size across all price...
Persistent link: https://www.econbiz.de/10012421507
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Fiscal policy spillovers in a monetary union
Lozej, Matija; Walsh, Graeme - In: Open economies review 32 (2021) 5, pp. 1089-1117
Persistent link: https://www.econbiz.de/10013171903
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The effects of gender discrimination in DSGE Models
Neyer, Ulrike; Stempel, Daniel - 2019
This paper theoretically analyzes the macroeconomic effects of gender discrimination against women in the labor market in a New Keynesian model. We extend standard frameworks by including unpaid household production in addition to paid labor market work, by assuming that the representative...
Persistent link: https://www.econbiz.de/10012286250
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Time-varying risk shocks and the zero lower bound
Strobel, Johannes; Lee, Gabriel S.; Salyer, Kevin Duff - 2019
This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower bound with large amplification effects on macroeconomic aggregates. The framework combines a simple canonical Önancial accelerator model, time varying risk shocks, and a zero...
Persistent link: https://www.econbiz.de/10012231163
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Backing the right horse : entry versus fixed costs subsidies
Röhe, Oke; Stähler, Nikolai - 2019
This paper provides a tractable dynamic stochastic general equilibrium framework with endogenous firm creation and destruction and variable technology utilization to analyze the macroeconomic impact of entry costs and fixed cost subsidies. Based on this setup, we revisit empirical and...
Persistent link: https://www.econbiz.de/10012317396
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Inflation dynamics and monetary policy in Taiwan
Yang, Michael C.-Y. - In: Inflation and Deflation in East Asia, (pp. 89-102). 2023
Persistent link: https://www.econbiz.de/10014309758
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The rationality Bias
Hagenhoff, Tim; Lustenhouwer, Joep - 2019
inflation volatility. …
Persistent link: https://www.econbiz.de/10012286210
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Identifying monetary policy and central bank information shocks using high-frequency exchange rates
Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2019
This work investigates effects of conventional monetary policy and central bank information shocks from monetary policy announcements on the U.S. economy. We identify the surprises caused by changes in target rate and central bank’s private information embedded in high frequency exchange rate...
Persistent link: https://www.econbiz.de/10012304714