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Inequality and Volatility Moderation in Russia : Evidence from Micro-Level Panel Data on Consumption and Income

Gorodnichenko, Yuriy - 2009

decreased during the 2000-2005 economic recovery. The decrease appears to be driven by falling volatility of transitory income …

Persistent link: https://www.econbiz.de/10012463569

Monetary Policy, Trend Inflation and the Great Moderation : An Alternative Interpretation

Coibion, Olivier - 2008

With positive trend inflation, the Taylor principle is not enough to guarantee a determinate equilibrium. We provide new theoretical results on restoring determinacy in New Keynesian models with positive trend inflation and combine these with new empirical findings on the Federal Reserve's...

Persistent link: https://www.econbiz.de/10012464026

Why Are Target Interest Rate Changes So Persistent?

Coibion, Olivier - 2011

While the degree of policy inertia in central banks' reaction functions is a central ingredient in theoretical and empirical monetary economics, the source of the observed policy inertia in the U.S. is controversial, with tests of competing hypotheses such as interest-smoothing and...

Persistent link: https://www.econbiz.de/10012461950

Are Sticky Prices Costly? Evidence From The Stock Market

Gorodnichenko, Yuriy - 2013

that, after monetary policy announcements, the conditional volatility rises more for firms with stickier prices than for …

Persistent link: https://www.econbiz.de/10012459801

Level and Volatility Factors in Macroeconomic Data

Gorodnichenko, Yuriy - 2017

level of the fundamentals. Though volatility shocks could be important too, their propagating mechanism is still not well … can separate the level factors from the volatility factors and assess their relative importance without directly … estimating the volatility processes. This is made possible by exploiting features in the second order approximation of …

Persistent link: https://www.econbiz.de/10012455010

Resource Misallocation in European Firms : The Role of Constraints, Firm Characteristics and Managerial Decisions

Gorodnichenko, Yuriy - 2018

Using a new survey, we show that the dispersion of marginal products across firms in the European Union is about twice as large as that in the United States. Reducing it to the US level would increase EU GDP by more than 30 percent. Alternatively, removing barriers between industries and...

Persistent link: https://www.econbiz.de/10012453270

Is Inflation Just Around the Corner? The Phillips Curve and Global Inflationary Pressures

Coibion, Olivier - 2019

The length of the recovery since the Great Recession and the low reported levels of the unemployment rate in the U.S. are increasingly generating concerns about inflationary pressures. We document that an expectations-augmented Phillips curve can account for inflation not just in the U.S. but...

Persistent link: https://www.econbiz.de/10012479467

Culture, Institutions and the Wealth of Nations

Gorodnichenko, Yuriy - 2010

We construct an endogenous growth model that includes a cultural variable along the dimension of individualism-collectivism. The model predicts that more individualism leads to more innovation because of the social rewards associated with innovation in an individualist culture. This cultural...

Persistent link: https://www.econbiz.de/10012462288

Culture, Institutions and Democratization

Gorodnichenko, Yuriy - 2015

We construct a model of revolution and transition to democracy under individualistic and collectivist cultures. The main result is that, despite facing potentially larger collective action problems, countries with an individualistic culture are more likely to end up adopting democracy earlier...

Persistent link: https://www.econbiz.de/10012457549

Keep Calm and Bank On : Panic-Driven Bank Runs and the Role of Public Communication

Sandri, Damiano; Grigoli, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2023

Using a survey with information treatments conducted in the aftermath of SVB's collapse, we study households' perspectives on bank stability, the potential for panic-driven bank runs, and the role of public communication. When informed about SVB's collapse, households become more likely to...

Persistent link: https://www.econbiz.de/10014337876