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policy analysis, researchers should use a menu cost model like ours or at least a third, theory-based shortcut: set the Calvo …
Persistent link: https://www.econbiz.de/10012769978
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particular are robust (a gradual 0.4 percentage point increase), lasting more than two years after the initial shock. Interest … backbone for our empirical results, via an “option value” channel. Theory yields sizeable real effects and a muted monetary …
Persistent link: https://www.econbiz.de/10013313628
particular are robust (a gradual 0.4 percentage point increase), lasting more than two years after the initial shock. Interest … backbone for our empirical results, via an “option value” channel. Theory yields sizeable real effects and a muted monetary …
Persistent link: https://www.econbiz.de/10013313883
policy analysis, researchers should use a menu cost model like ours or at least a third, theory-based shortcut: set the Calvo …
Persistent link: https://www.econbiz.de/10012464255
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We develop a VAR that allows the estimation of the impact of monetary policy shocks on volatility. Estimates for the US suggest that an increase in the policy rate by 1% is associated with a rise in unemployment and inflation volatility of about 15%. Using a New Keynesian model, with search and...
Persistent link: https://www.econbiz.de/10011928806
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