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Chapter 2. Macroeconomic Shocks and Their Propagation

Ramey, V.A. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 71-162). 2016

the leading shock candidates can explain fluctuations in output and hours. It concludes that we are much closer to …

Persistent link: https://www.econbiz.de/10014024291

Multi-dimensional monetary policy shocks based on heteroscedasticity

Burri, Marc; Kaufmann, Daniel - 2024

We propose a two-step approach to estimate multi-dimensional monetary policy shocks and their causal effects requiring only daily financial market data and policy events. First, we combine a heteroscedasticity-based identification scheme with recursive zero restrictions along the term structure...

Persistent link: https://www.econbiz.de/10015052047

Price Setting with Menu Cost for Multi-Product Firms

Alvarez, Fernando - 2012

analytically the impulse response of aggregate prices and output to a monetary shock. The cumulative response of output to a … monetary shock is the product of three terms: the steady state standard deviation of price changes, the average time elapsed … between price changes, and a function of both the number of products and the size of the monetary shock. The size of the …

Persistent link: https://www.econbiz.de/10013110208

Financial Shocks, Financial Frictions and Financial Intermediaries in DSGE Models : Comments on the Recent Literature

Arend, Mario - 2010

The aim of this work is to compare and contrast different ways of modeling financial shocks and financial intermediaries in the Dynamic Stochastic General Equilibrium models (DSGE models) and to discuss the empirical evidence on the importance of modeling financial sector and financial shocks in...

Persistent link: https://www.econbiz.de/10013142856

Existence and uniqueness of solutions to dynamic models with occasionally binding constraints.

Holden, Tom D. - 2016 - This version: 28 March 2016

We present the first necessary and sufficient conditions for there to be a unique perfect-foresight solution to an otherwise linear dynamic model with occasionally binding constraints, given a fixed terminal condition. We derive further conditions on the existence of a solution in such models....

Persistent link: https://www.econbiz.de/10011452241

The Federal Reserve's implicit inflation target and macroeconomic dynamics : a SVAR analysis

Mumtaz, Haroon; Theodoridis, Konstantinos - 2017

-Carlo experiments. The estimated impulse responses indicate that a positive shock to the target is associated with a large increase in …

Persistent link: https://www.econbiz.de/10011671941

Fiscal Sustainability and Public Debt in an Endogenous Growth Model

Moraga, Jesús Fernández-Huertas; Vidal, Jean-Pierre - 2021

larger is its necessary scale. We perform a rough calibration of the model to simulate the effects of a demographic shock …

Persistent link: https://www.econbiz.de/10013319069

Sequential bargaining in a New Keynesian model with frictional unemployment and staggered wage negotiation

De Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 2009

We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated for each period. The workers' bargaining power in the working time negotiations affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i)...

Persistent link: https://www.econbiz.de/10011599072

Monetary policy and uncertainty about the natural unemployment rate

Wieland, Volker - 2003

Inflation-targeting central banks have only imperfect knowledge about the effect of policy decisions on inflation. An important source of uncertainty is the relationship between inflation and unemployment. This paper studies the optimal monetary policy in the presence of uncertainty about the...

Persistent link: https://www.econbiz.de/10009765348

Labor Market Shocks and Monetary Policy

Birinci, Serdar; Karahan, Fatih; Mercan, Yusuf; See, Kurt - 2022

We develop a heterogeneous-agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the role of worker flows in inflation dynamics and monetary policy. Motivated by our empirical finding that the historical negative correlation between the...

Persistent link: https://www.econbiz.de/10013403004