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Understanding persistent stagnation
Cuba-Borda, Pablo; Singh, Sanjay R. - 2019 - This version: February 2019
We theoretically explore long-run stagnation at the zero lower bound in a representative agent framework. We analytically compare expectations-driven stagnation to a secular stagnation episode and find contrasting policy implications for changes in government spending, supply shocks and...
Persistent link: https://www.econbiz.de/10012004630
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On the non-optimality of information : an analysis of the welfare effects of anticipated shocks in the New Keynesian model
Wohltmann, Hans-Werner; Winkler, Roland - 2009
This paper compares the welfare effects of anticipated and unanticipated cost-push shocks within the canonical New Keynesian model with optimal monetary policy. We find that, for empirically plausible degrees of nominal rigidity, the anticipation of a future cost-push shock leads to a higher...
Persistent link: https://www.econbiz.de/10003826605
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Reconciling narrative monetary policy disturbances with structural VAR model shocks?
Kliem, Martin; Kriwoluzky, Alexander - 2013
Structural VAR studies disagree with narrative accounts about the history of monetary policy disturbances. We investigate whether employing the narrative monetary shock account as a proxy variable in a VAR model aligns both shock series. We quantify the extent to which the disagreement still...
Persistent link: https://www.econbiz.de/10009771126
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Exchange Rate Pass Through, Cost Channel to Monetary Policy Transmission, Adaptive Learning, and the Price Puzzle
Ali, Syed Zahid - 2017
puzzle, which refers to anomalous behavior of inflation to a monetary shock. Unlike the existing studies, we consider the …, we use two alternative measures of inflation. Calibration of our medium scale model, using plausible parameter values …, reveals that irrespective of how the inflation rate is measured and the policy rule used by the central bank, the puzzle fades …
Persistent link: https://www.econbiz.de/10012958974
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Exchange Rate Pass through, Cost Channel to Monetary Policy Transmission, Adaptive Learning, and the Price Puzzle
Ali, Syed Zahid - 2017
puzzle, which refers to anomalous behavior of inflation to a monetary shock. Unlike the existing studies, we consider the …, we use two alternative measures of inflation. Calibration of our medium scale model, using plausible parameter values …, reveals that irrespective of how the inflation rate is measured and the policy rule used by the central bank, the puzzle fades …
Persistent link: https://www.econbiz.de/10012966340
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Reconciling Narrative Monetary Policy Disturbances with Structural VAR Model Shocks?
Kliem, Martin - 2016
Structural VAR studies disagree with narrative accounts about the history of monetary policy disturbances. We investigate whether employing the narrative monetary shock account as a proxy variable in a VAR model aligns both shock series. We quantify the extent to which the disagreement still...
Persistent link: https://www.econbiz.de/10012988778
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Fiscal Rules and Monetary Policy in a Dynamic Stochastic General Equilibrium Model
Kremer, Jana - 2016
Persistent link: https://www.econbiz.de/10012991349
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Strike while the iron is hot : optimal monetary policy with a nonlinear Phillips curve
Karadi, Peter; Nakov, Anton; Nuño, Galo; Pasten, Ernesto; … - 2024 - This version: September 19, 2024
model provides micro-foundations for a nonlinear Phillips curve: the sensitivity of inflation to activity increases after … large shocks due to an endogenous rise in the frequency of price changes, as observed during the recent inflation surge. In … response to large cost-push shocks, optimal policy leverages the lower sacrifice ratio to reduce inflation and stabilize the …
Persistent link: https://www.econbiz.de/10015071168
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Supply Shocks and Optimal Monetary Policy in the Euro Zone
Fève, Patrick - 2010
responses of output, inflation, labor share and the nominal interest rate to a supply shock as identified through a structural …
Persistent link: https://www.econbiz.de/10013137972
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Macroeconomic Regimes
Baele, Lieven - 2015
. Key to our estimation strategy is the use of survey-based expectations for inflation and output. Output and inflation …
Persistent link: https://www.econbiz.de/10013037980