This paper analyzes the impacts of news shocks on macroeconomic volatility. Whereas in any purely forward-looking model …, such as the baseline New Keynesian model, anticipation amplifies volatility, we obtain ambiguous results when including a …) to provide numerical evidence that news shocks increase the volatility of key macroeconomic variables in the euro area …

This paper analyzes the impacts of news shocks on macroeconomic volatility. Whereas anticipation amplifies volatility …) to provide numerical evidence that news shocks increase the volatility of key macroeconomic variables in the euro area … when compared to unanticipated shocks. -- Anticipated Shocks ; Business Cycles ; Volatility …

money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such … important for velocity during less stable times and the goods productivity shock more important during stable times. -- business … decentralized banking that produces exchange credit. Positive shocks to credit productivity and money supply increase velocity, as …

unanticipated shock of the same size. The inversion of the volatility effects of news shocks between rational and boundedly rational …This paper studies the volatility implications of anticipated cost-push shocks (i.e. news shocks) in a New Keynesian …), anticipated cost-push shocks lead to a higher (lower) volatility in the output gap and in the central bank’s loss than an …

This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households …

We use a factor model with stochastic volatility to decompose the time-varying variance of Macro economic and Financial … component plays an important role in driving the time-varying volatility of nominal and financial variables. The cross …-country co-movement in volatility of real and financial variables has increased over time with the common component becoming more …

This paper analyzes the contribution of anticipated capital and labor tax shocks to business cycle volatility in an …

factor are typically small, with the annualized unconditional volatility estimated at 0.06%, but highly persistent, with … estimated persistence at 0.98. Evidence of time variation in the volatility of the global factor is overwhelming as there are … times in which volatility could be several times larger than its unconditional level (about ten times in the aftermath of …