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Learning and shifts in long-run productivity growth

Edge, Rochelle M. (contributor); Laubach, Thomas (contributor) - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002049099

The time for austerity: estimating the average treatment effect of fiscal policy

Jordà, Òscar; Taylor, Alan M. - Federal Reserve Bank of San Francisco - 2013

Elevated government debt levels in advanced economies have risen rapidly as sovereigns absorbed private sector losses and cyclical deficits blew up in the Global Financial Crisis and subsequent slump. A rush to fiscal austerity followed but its justifications and impacts have been heavily...

Persistent link: https://www.econbiz.de/10011026926

Semiparametric estimates of monetary policy effects: string theory revisited

Angrist, Joshua D.; Jordà, Òscar; Kuersteiner, Guido M. - Federal Reserve Bank of San Francisco - 2013

We develop flexible semiparametric time series methods that are then used to assess the causal effect of monetary policy interventions on macroeconomic aggregates. Our estimator captures the average causal response to discrete policy interventions in a macro-dynamic setting, without the need for...

Persistent link: https://www.econbiz.de/10011026934

Welfare-maximizing monetary policy under parameter uncertainty

Edge, Rochelle M.; Laubach, Thomas; Williams, John C. - Federal Reserve Bank of San Francisco - 2007

.S. economy where the policymaker faces uncertainty about model parameters. Uncertainty about parameters describing preferences … and technology implies not only uncertainty about the dynamics of the economy. It also implies uncertainty about the model …'s utility-based welfare criterion and about the economy's natural rate measures of interest and output. We analyze the …

Persistent link: https://www.econbiz.de/10005361524