Similar Search Results

Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy

González, Beatriz; Nuno, Galo; Thaler, Dominik; … - 2021

We analyze monetary policy in a New Keynesian model with heterogeneous firms and financial frictions. Firms differ in their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends on the time-varying distribution of firms. Although a...

Persistent link: https://www.econbiz.de/10013311708

Monetary Policy and Swedish Unemployment Fluctuations

Alexius, Annika; Holmlund, Bertil - 2021

A widely spread belief among economists is that monetary policy has relatively short-lived effects on real variables such as unemployment. Previous studies indicate that monetary policy affects the output gap only at business cycle frequencies, but the effects on unemployment may well be more...

Persistent link: https://www.econbiz.de/10013316967

Micro Jumps, Macro Humps : Monetary Policy and Business Cycles in an Estimated Hank Model

Auclert, Adrien - 2020

We estimate a Heterogeneous-Agent New Keynesian model with sticky household expectations that matches existing microeconomic evidence on marginal propensities to consume and macroeconomic evidence on the impulse response to a monetary policy shock. Our estimated model uncovers a central role for...

Persistent link: https://www.econbiz.de/10012842965

The Effects of Monetary Policy : Theory with Measured Expectations

Roth, Christopher; Wiederholt, Mirko; Wohlfart, Johannes - 2023

We study the effects of monetary policy on aggregate consumption combining a heterogeneous agent model with measured expectations under different policy counterfactuals. We express the consumption of non-hand-to-mouth households as a function of expectations only and elicit all expectations...

Persistent link: https://www.econbiz.de/10014262696

Generalized Taylor and generalized Calvo price and wage-setting: Micro evidence with macro implications

Dixon, Huw David; Le Bihan, Hervé - 2010

The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and … Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro … systematic wage and price indexation. …

Persistent link: https://www.econbiz.de/10010273878

Monetary Policy, Price Setting, and Credit Constraints

Balleer, Almut - 2019

We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German … producer price index. We find a strong degree of monetary non-neutrality. After expansionary monetary policy, the mass of … additional price adjustments is economically small and the average absolute size across all price changes falls. The aggregate …

Persistent link: https://www.econbiz.de/10012857905

Monetary policy and Swedish unemployment fluctuations

Alexius, Annika; Holmlund, Bertil - 2007

Persistent link: https://www.econbiz.de/10010264166

Overvalued: Swedish monetary policy in the 1930s

Rathke, Alexander; Straumann, Tobias; Woitek, Ulrich - 2011

This paper reconsiders the role of monetary policy in Sweden's strong recovery from the Great Depression. The Riksbank …, our findings suggest that Sweden avoided the worst excesses of the depression by conducting conservative rather than … innovative monetary policy. We find that, by keeping the Swedish krona undervalued to replenish foreign reserves, Sweden …

Persistent link: https://www.econbiz.de/10010280830