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News shocks under financial frictions : a comment on Görtz et al. (2022)

Ash, Thomas; Nikolaishvili, Giorgi; Struby, Ethan - 2023

. In a Bayesian vector autoregression, they identify a TFP news shock as one that explains the largest share of 40-quarter … ahead forecast error variance (FEV) of TFP. Their estimated impulse responses functions show that a positive news shock … significantly decreases credit market spreads and increases credit market supply. They also find that a shock that explains the …

Persistent link: https://www.econbiz.de/10014335049

Uncertainty Shocks and Monetary Policy Rules in a Small Open Economy

Gupta, Sargam - 2020

shock. We find that flexible inflation targeting regime using interest rate rules (IRRs) with floating exchange rates is …

Persistent link: https://www.econbiz.de/10012827002

Disinflationary Shocks and Inflation Target Uncertainty

Neri, Stefano - 2019

In New Keynesian models favourable cost-push shocks lower inflation and increase output. Yet, when the central bank's inflation target is not perfectly observed these shocks turn contractionary as agents erroneously perceive a temporary reduction in the target. This effect is amplified when...

Persistent link: https://www.econbiz.de/10012864901

Interest, reserves, and prices

Benigno, Gianluca; Benigno, Pierpaolo - 2021

We would like to propose a new framework for monetary policy analysis that encompasses, as a special case, the Neo-Wicksellian paradigm. A general form of an aggregate-demand equation reveals a role for liquidity, as well as less effective movements in future real rates with respect to current...

Persistent link: https://www.econbiz.de/10012584354

Interest, Reserves, and Prices

Benigno, Gianluca; Benigno, Pierpaolo - 2021

Persistent link: https://www.econbiz.de/10013222541

The COVID-19 Shock and a Fiscal-Monetary Policy Mix in a Monetary Union

Bartocci, Anna; Notarpietro, Alessandro; Pisani, … - 2021

union in response to the COVID-19 shock. The pandemic is modelled as a mix of recessionary demand and supply shocks …

Persistent link: https://www.econbiz.de/10013233159

Demand Shocks, Hysteresis and Monetary Policy

Sim, Jae - 2022

This paper builds a micro-founded general equilibrium model of hysteresis in which changing composition of firms with heterogeneous qualities in response to demand shocks alter the total factor productivity of the economy through a process of "creative destruction". Hysteresis fundamentally...

Persistent link: https://www.econbiz.de/10014238148

Endogenous Monetary Policy Regime Changes

Davig, Troy - 2013

This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation...

Persistent link: https://www.econbiz.de/10014055201

Endogenous Monetary Policy Regime Change

Davig, Troy; Leeper, Eric M. - 2013

Persistent link: https://www.econbiz.de/10014055631

Relative Price Shocks and Inflation

Ruge-Mucia, Francisco J.; Wolman, Alexander L. - 2022

Inflation is determined by interaction between real factors and monetary policy. Among the most important real factors are shocks to the supply and demand for different components of the consumption basket. We use an estimated multi-sector New Keynesian model to decompose the behavior of U.S....

Persistent link: https://www.econbiz.de/10014081472