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Are the responses of the U.S. economy asymmetric in energy price increases and decreases?

Kilian, Lutz; Vigfusson, Robert J. - In: Quantitative economics : QE ; journal of the … 2 (2011) 3, pp. 419-453

How much does real gross domestic product (GDP) respond to unanticipated changes in the real price of oil? Commonly used censored oil price vector autore- gressive models suggest a substantial decline in real GDP in response to unex- pected increases in the real price of oil, yet no response to...

Persistent link: https://www.econbiz.de/10011756396

Exchange Rates, Oil Price Shocks, and Monetary Policy In an Economy with Traded and Non-Traded Goods

Plante, Michael - 2015

This paper examines monetary policy responses to oil price shocks in a small open economy that produces traded and non-traded goods. When only labor and oil are used in production and prices are sticky in the non-traded sector the behavior of inflation, the nominal exchange rate, and the...

Persistent link: https://www.econbiz.de/10014204810

Energy price shocks and stabilization policies in a multi-agent macroeconomic model for the Euro Area

Turco, Enrico; Bazzana, Davide; Rizzati, Massimiliano; … - 2022

Soaring energy prices since fall 2021 have prompted European governments to introduce policy measures to support households and businesses. In this paper, we employ the MATRIX model, a multi-sector and multi-agent macroeconomic model calibrated on the Euro Area, to analyze the economic and...

Persistent link: https://www.econbiz.de/10013383241

Zooming in on monetary policy : the labor share and production dynamics of two million firms

Fritsche, Jan Philipp; Steininger, Lea - 2021 - This version: August 18, 2021

Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the … projections and high dimensional fixed effects, we show that a one standard deviation contractionary monetary policy shock …

Persistent link: https://www.econbiz.de/10012607460

Are asset price data informative about news shocks? : a DSGE perspective

Iskrev, Nikolay - 2018

Standard economic intuition suggests that asset prices are more sensitive to news than other economic aggregates. This has led many researchers to conclude that asset price data would be very useful for the estimation of business cycle models containing news shocks. This paper shows how to...

Persistent link: https://www.econbiz.de/10011864177

Are Asset Price Data Informative About News Shocks? A DSGE Perspective

Iskrev, Nikolay I. - 2018

Persistent link: https://www.econbiz.de/10012916362

Identification of Non-Rational Risk Shocks

Böck, Maximilian - 2022

financial executives, belief distortions on financial markets identify a non-rational risk shock. Surprises in beliefs in credit … the constructed shocks have statistically and economically meaningful effects. A positive non-rational risk shock moves …

Persistent link: https://www.econbiz.de/10013308197

Emerging Economies' Supply Shocks and Japan's Price Deflation : International Transmissions in a Three-Country DSGE Model

Hirakata, Naohisa - 2014

This paper examines the international transmission effects that a positive supply shock in emerging economies may have … to analyze the impact of a supply shock in an emerging economy, the People's Republic of China (PRC), on inflation rates … countries and the PRC's choice of exchange rate regime appear to influence the international transmission of a supply shock in …

Persistent link: https://www.econbiz.de/10013059275

Exchange rate dynamics and monetary policy in a small open economy : a DSGE model

Ouchen, Mariam; Ziky, Mustapha - 2015

This paper compares alternative monetary policy rules in a small open economy that experiences internal shocks (productivity shocks) and external shocks to terms of trade and the foreign demand. A comparison of the volatility of the macroeconomic variables such as inflation, output, terms of...

Persistent link: https://www.econbiz.de/10011458107

The impacts of credit standards on aggregate fluctuations in a small open economy : the role of monetary policy

Le, Hai - In: Economies : open access journal 9 (2021) 4, pp. 1-26

Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...

Persistent link: https://www.econbiz.de/10012800343