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Fiscal Multipliers at the Zero Lower Bound: The Role of Policy Inertia

Hills, Timothy S.; Nakata, Taisuke - Federal Reserve Board (Board of Governors of the … - 2014

the recession via expectations. In our baseline calibration, the output multiplier at the ZLB is 2.5 when the weight on …

Persistent link: https://www.econbiz.de/10011115662

Reputation and Liquidity Traps

Nakata, Taisuke - Federal Reserve Board (Board of Governors of the … - 2014

Can the central bank credibly commit to keeping the nominal interest rate low for an extended period of time in the aftermath of a deep recession? By analyzing credible plans in a sticky-price economy with occasionally binding zero lower bound constraints, I find that the answer is yes if...

Persistent link: https://www.econbiz.de/10010886221

Employment and Firm Heterogeneity, Capital Allocation, and Countercyclical Labor Market Policies

Epstein, Brendan; Shapiro, Alan Finkelstein - Federal Reserve Board (Board of Governors of the … - 2014

Many countries have large employment shares in micro and small firms that have limited access to formal financing and therefore rely on input credit. Such countries are mainly emerging and developing economies, whose business cycle dynamics are increasingly important for the global economy in...

Persistent link: https://www.econbiz.de/10010892325

Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59

Carlson, Mark A.; Wheelock, David C. - Federal Reserve Board (Board of Governors of the … - 2014

The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of...

Persistent link: https://www.econbiz.de/10010787050

Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations

Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, … - Federal Reserve Board (Board of Governors of the … - 2015

We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...

Persistent link: https://www.econbiz.de/10011255343

Forecast-heterogeneity in the business cycle: small deviations from rationality, large dynamic effects

Bomfim, Antulio N. - Federal Reserve Board (Board of Governors of the … - 1993

Persistent link: https://www.econbiz.de/10005513098

The reliability of output gap estimates in real time

Orphanides, Athanasios; Norden, Simon van - Federal Reserve Board (Board of Governors of the … - 1999

Compared to its central role in policy discussions in the United States and most other developed countries, the reliability of the measurement of the output gap has attracted relatively little academic study. Furthermore, both the academic literature and the debate among practitioners have...

Persistent link: https://www.econbiz.de/10005393651

Ex ante turning point forecasting with the composite leading index

Diebold, Francis X.; Rudebusch, Glenn D. - Federal Reserve Board (Board of Governors of the … - 1988

Persistent link: https://www.econbiz.de/10005721081

Heterogeneous forecasts and aggregate dynamics

Bomfim, Antulio N. - Federal Reserve Board (Board of Governors of the … - 2000

model where agents use differing degrees of sophistication when forecasting future economic conditions. All agents solve … problems based on simple forecasting rules of thumb. Assuming a hierarchical information structure similar to the one in … of strategic complementarity in the heterogeneous expectations literature and quantifies many qualitative claims about …

Persistent link: https://www.econbiz.de/10005721250

Does the business cycle have duration memory?

Diebold, Francis X.; Rudebusch, Glenn D. - Federal Reserve Board (Board of Governors of the … - 1987

Persistent link: https://www.econbiz.de/10005724066