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Microfoundations of the Business Cycle and Monetary Shocks.

by M. Holmes, John M. Holmes, Patricia A. Hutton, Jel E
"... Disequilibrium business cycles with cyclical involuntary unemployment are gen-erated in a class of micro-founded macroeconomics models that produce endoge-nous nominal wage rigidity or stickiness from an optimal wage indexation choice by alternatively firms or workers, based upon the rationally or n ..."
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or non-rationally ex-pected distribution of only monetary shocks using general functional forms. With endogenous nominal rigidity the disequilibrium does not erode as time passes and inflationary monetary policy can mitigate disequilibrium only if non-rationally expected. If rationally expected

MONETARY SHOCKS AND THE NOMINAL INTEREST RATE by

by Marini G, Link To Publication, Giancarlo Marini, Gíancarlo Marini, Università Di Bari , 1989
"... Citation for published version (APA): Marini, G. (1989). Monetary shocks and the nominal interest rate. (CentER Discussion Paper; Vol. 1989-38). CentER. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyri ..."
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Citation for published version (APA): Marini, G. (1989). Monetary shocks and the nominal interest rate. (CentER Discussion Paper; Vol. 1989-38). CentER. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other

A New Measure of Monetary Shocks: Derivation and Implications

by D. Romer, David, H. Romer - American Economic Review , 2004
"... This paper develops a measure of U.S. monetary policy shocks for the period 1969–1996 that is relatively free of endogenous and anticipatory movements. Quantitative and narrative records are used to infer the Federal Reserve’s intentions for the federal funds rate around FOMC meetings. This series i ..."
Abstract - Cited by 135 (6 self) - Add to MetaCart
This paper develops a measure of U.S. monetary policy shocks for the period 1969–1996 that is relatively free of endogenous and anticipatory movements. Quantitative and narrative records are used to infer the Federal Reserve’s intentions for the federal funds rate around FOMC meetings. This series

Heterogeneity in Price Stickiness and the Real Effects of Monetary Shocks

by Carlos Carvalho - Frontiers of Macroeconomics , 2006
"... There is ample evidence that the frequency of price adjustments differs substantially across sectors. This paper introduces sectoral heterogeneity in price stickiness into an otherwise standard sticky price model to study how it affects the dynamics of monetary economies. Qualitative and quantitativ ..."
Abstract - Cited by 54 (5 self) - Add to MetaCart
and quantitative results from a realistic calibration for the U.S. economy show that monetary shocks tend to have larger and more persistent real effects in heterogeneous economies, when compared to identical-firms economies with similar degrees of nominal and real rigidity. In the presence of strategic

Habit Formation and the Persistence of Monetary Shocks

by Hafedh Bouakez, Emanuela Cardia, Francisco J. Ruge-Murcia , 2002
"... ..."
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Monetary shocks in the G-6 countries: is there a puzzle

by Ben S. C. Fung, Marcel Kasumovich, Ben S. C. Fung, Marcel Kasumovich, J. -p. Aubry, Kevin Clinton, Eric Leeper, James Mackinnon, Jack Selody, Peter Thurlow, Simon Van Norden - Journal of Monetary Economics , 1998
"... Isabelle Weberpals and seminar participants at the Bank of Canada, the Federal Reserve Bank of Kansas City, and the 1997 Econometric Society Winter Meetings. Of course, the views expressed in this paper are those of the authors and should not be attributed to the This paper attempts to reduce the un ..."
Abstract - Cited by 30 (3 self) - Add to MetaCart
the uncertainty about the dynamics of the monetary transmission mechanism. Central to this attempt is the identification of monetary policy shocks. Recently, VAR approaches that use over-identifying restrictions have shown success in isolating such shocks. This paper examines monetary shocks identified by longrun

Monetary Policy Shocks: What Have we Learned and to What End?

by Lawrence J. Christiano, Martin Eichenbaum , Charles L. Evans , 1998
"... This paper reviews recent research that grapples with the question: What happens after an exogenous shock to monetary policy? We argue that this question is interesting because it lies at the center of a particular approach to assessing the empirical plausibility of structural economic models that c ..."
Abstract - Cited by 988 (26 self) - Add to MetaCart
This paper reviews recent research that grapples with the question: What happens after an exogenous shock to monetary policy? We argue that this question is interesting because it lies at the center of a particular approach to assessing the empirical plausibility of structural economic models

Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy

by Lawrence J. Christiano, Martin Eichenbaum, Charles L. Evans , 2003
"... We present a model embodying moderate amounts of nominal rigidities that accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, th ..."
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We present a model embodying moderate amounts of nominal rigidities that accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features

RESPONSES OF INFLATION AND OUTPUT TO MONETARY SHOCKS IN

by Economia Monetária, E Financeira, Trabalho Final, De Mestrado, Thomas Joel Verheij, Página De, Mestrado Em, Economia Monetária, E Financeira, Trabalho Final, De Mestrado, A Baumol-tobin Model, Thomas Joel Verheij
"... I am very grateful to Bernardino Adão for all his support and comments. I am also very grateful to Banco de Portugal for providing all the necessary conditions, within the program Estágios MEMF Banco de Portugal, to make this dissertation possible. I thank Isabel Horta Correia, André Silva and Pedro ..."
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and Pedro Teles for their comments. I also thank Miguel Seixas and Gerrit Verheij for their very usefull suggestions. yG8 i The question of how monetary policy a¤ects the main economic variables remains one of the most important questions of the economic literature. With this dissertation I will try

OF BANK INTEREST RATES TO MONETARY SHOCKS?

by Del Servizio Studi, Leonardo Gambacorta, Simonetta Iannotti
"... Temi di discussione ..."
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Temi di discussione
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