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Macroeconomic shocks and racial labour market differences in the U.S.

De, Kuhelika; Compton, Ryan A.; Giedeman, Daniel C.; … - 2019

Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply - on the labour market outcomes of black...

Persistent link: https://www.econbiz.de/10012157899

Monetary policy and regional inequality

Hauptmeier, Sebastian; Holm-Hadulla, Fédéric; … - 2020

We study the impact of monetary policy on regional inequality using granular data on economic activity at the city- and county-level in Europe. We document pronounced heterogeneity in the regional patterns of monetary policy transmission. The output response to monetary policy shocks is stronger...

Persistent link: https://www.econbiz.de/10012197783

Oil price shocks, monetary policy and current account imbalances within a currency union

Baas, Timo; Belke, Ansgar - 2017

trade result in an asymmetric reaction to an otherwise symmetric shock. In this context, we show that oil price shocks can … verstärken können. Ölpreisschwankungen und eine auf den Ölpreis reagierende, zunehmend kontraktive Geldpolitik, können auch eine … asymmetrischen Reaktion auf einen ansonsten symmetrischen Schock. In diesem Zusammenhang zeigen wir, dass Ölpreisschocks langfristige …

Persistent link: https://www.econbiz.de/10011787351

Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada

Champagne, Julien; Sekkel, Rodrigo - 2017

that a 100-basis-point increase in our new shock series leads to a 1.0 per cent decrease in real GDP and a 0.4 per cent …

Persistent link: https://www.econbiz.de/10011777945

The effects of US monetary policy shocks : applying external instrument identification to a dynamic factor model

Kerssenfischer, Mark - 2017

Dynamic factor models and external instrument identification are two recent advances in the empirical macroeconomic literature. This paper combines the two approaches in order to study the effects of monetary policy shocks. I use this novel framework to re-examine the effects found by Forni and...

Persistent link: https://www.econbiz.de/10011636064

Oil price shocks, monetary policy and current account imbalances within a currency union

Baas, Timo; Belke, Ansgar - 2017

trade result in an asymmetric reaction to an otherwise symmetric shock. In this context, we show that oil price shocks can …

Persistent link: https://www.econbiz.de/10011785688

A note on temporary supply shocks with aggregate demand inertia

Caballero, Ricardo J.; Simsek, Alp - 2022

We study optimal monetary policy during temporary supply contractions when aggregate demand has inertia and expansionary policy is constrained. In this environment, it is optimal to run the economy hot until supply recovers. Positive output gaps in the low-supply phase lessen the negative output...

Persistent link: https://www.econbiz.de/10012886884

Risk sharing and monetary policy transmission

Hauptmeier, Sebastian; Holm-Hadulla, Fédéric; … - 2022

Using regionally disaggregated data on economic activity, we show that risk sharing plays a key role in shaping the real effects of monetary policy. With weak risk sharing, monetary policy shocks trigger a strong and durable response in output. With strong risk sharing, the response is...

Persistent link: https://www.econbiz.de/10013448692

The current account and monetary policy in the euro area

Schuler, Tobias; Sun, Yiqiao - 2022

We investigate the factors driving current account and monetary policy developments in the euro area. We estimate an open-economy structural vector autoregression (VAR) model with zero and sign restrictions derived from a multi-country dynamic stochastic general equilibrium (DSGE) model to...

Persistent link: https://www.econbiz.de/10013329445

Financial frictions : micro vs. macro volatility

Faccini, Renato; Lee, Seungcheol; Luetticke, Ralph; … - 2024

Consumer credit spreads significantly impact consumption and asset dynamics, affecting indebted households' spending behavior and the income sensitivity of consumption. Analyzing Danish data, we find that elevated credit spreads reduce consumption of indebted households. Our results suggest that...

Persistent link: https://www.econbiz.de/10014480275