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Monetary policy, sectoral comovement and the credit channel

Di Pace, Federico; Görtz, Christoph - 2021

Persistent link: https://www.econbiz.de/10012546900

Switching-track after the Great Recession

Vinci, Francesca; Licandro, Omar - 2021

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Persistent link: https://www.econbiz.de/10012627907

Convex supply curves

Boehm, Christoph E.; Pandalai-Nayar, Nitya - 2020

We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model, in which capacity constraints at the plant level generate convex supply curves at the industry level. The industry's capacity utilization rate is a sufficient statistic for the...

Persistent link: https://www.econbiz.de/10012271523

Switching-track after the great recession

Vinci, Francesca; Licandro, Omar - 2021

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Persistent link: https://www.econbiz.de/10012533939

Sectoral Shocks and Monetary Policy in the United Kingdom

Dixon, Huw David - 2014

In this paper, we use an open economy model of the United Kingdom to examine the extent to which monetary policy should respond to movements in sectoral inflation rates. To do this we construct a Generalised Taylor model that takes specific account of the sectoral make up of the consumer price...

Persistent link: https://www.econbiz.de/10013055015

Structural Transformation, Services Deepening, and the Transmission of Monetary Policy

Galesi, Alessandro - 2016

Advanced economies are undergoing a structural transformation from manufacturing to services. We document that structural change comes with a process of services deepening: over time, both services and manufacturing become more intensive in service inputs. We argue that structural transformation...

Persistent link: https://www.econbiz.de/10012986126

Assessing Changes in the Monetary Transmission Mechanism : A VAR Approach

Boivin, Jean; Giannoni, Marc P. - 2011

Persistent link: https://www.econbiz.de/10014027470

Monetary Policy and Investment Dynamics: Evidence from Disaggregate Data

Givens, Gregory; Reed, Robert - Volkswirtschaftliche Fakultät, … - 2015

We use disaggregated data on the components of private fixed investment (PFI) to estimate industry-level responses of … real investment and capital prices to unanticipated monetary policy. The response functions derive from a restricted large … and quantities. For assets belonging to the equipment category of fixed investment, we find that quantities rather than …

Persistent link: https://www.econbiz.de/10011124289

Dynamic demand adjustment and exchange rate volatility

Corbo, Vesna - 2014

A common finding in the international-economics literature is that the elasticity of substitution between domestically produced and imported goods is smaller in the short than in the long run. Despite this, most of today's commonly used macroeconomic models assume this elasticity to be constant....

Persistent link: https://www.econbiz.de/10010437790

The balance sheet channel of monetary policy transmission : evidence from Nigeria

Olowofeso, Olorunsola E.; Bada, Abiodun S.; Bassey, Kufre J. - In: CBN journal of applied statistics 5 (2014) 2, pp. 95-116

This paper assesses the existence of a balance sheet channel of monetary policy transmission in Nigeria by examining whether variation in the official interest rate, with respect to the 2007- 2008 global financial crisis, feeds through to the deposit money banks (DMBs) balance sheets, and...

Persistent link: https://www.econbiz.de/10011489517