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What Drives Inventory Accumulation? News on Rates of Return and Marginal Costs

Görtz, Christoph - 2019

inventories react strongly and positively to news about future increases in total factor productivity. Theory suggests that the …

Persistent link: https://www.econbiz.de/10012860577

A Note on Temporary Supply Shocks with Aggregate Demand Inertia

Caballero, Ricardo J.; Simsek, Alp - 2022

We study optimal monetary policy during temporary supply contractions when aggregate demand has inertia and expansionary policy is constrained. In this environment, it is optimal to run the economy hot until supply recovers. Positive output gaps in the low-supply phase lessen the negative output...

Persistent link: https://www.econbiz.de/10013282457

Uncertainty and Monetary Policy in Good and Bad Times : A Replication of the VAR Investigation by Bloom (2009)

Caggiano, Giovanni - 2020

This paper revisits the well-known VAR evidence on the real effects of uncertainty shocks by Bloom (Econometrica 2009(3): 623-685. doi: 10.3982/ECTA6248). We replicate the results in a narrow sense using Eviews. In a wide sense, we extend his study by working with a smooth transition-VAR...

Persistent link: https://www.econbiz.de/10012824829

Macroeconomic Shocks and Racial Labour Market Differences in the U.S

De, Kuhelika - 2020

Using 136 United States macroeconomic indicators from 1973 to 2017, and a factor augmented vector autoregression (FAVAR) framework with sign restrictions, we investigate the effects of three structural macroeconomic shocks - monetary, demand, and supply - on the labour market outcomes of black...

Persistent link: https://www.econbiz.de/10012844419

Quarterly GDP Estimates for the German States : New Data for Business Cycle Analyses and Long-Run Dynamics

Lehmann, Robert; Wikman, Ida - 2023

To date, only annual information on economic activity is published for the 16 German states. In this paper, we calculate quarterly regional GDP estimates for the period between 1995 to 2021, thereby improving the regional database for Germany. The new data set will regularly be updated when...

Persistent link: https://www.econbiz.de/10014260700

Firm size and monetary policy transmission: evidence from German business survey data

Ehrmann, Michael - 2004

Using business survey data on German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission of monetary policy. The business conditions of small firms are found to be somewhat more...

Persistent link: https://www.econbiz.de/10010261201

Measuring Monetary Policy with Residual Sign Restrictions at Known Shock Dates

Badinger, Harald - 2020

We propose a novel identification strategy to measure monetary policy in a structural VAR. It is based exclusively on known past policy shocks, which are uncovered from high-frequency data, and does not rely on any theoretical a-priori restrictions. Our empirical analysis for the euro area...

Persistent link: https://www.econbiz.de/10012822501

(Almost) Recursive Identification of Monetary Policy Shocks with Economic Parameter Restrictions

Burgard, Jan Pablo; Neuenkirch, Matthias; Umlandt, Dennis - 2023

restriction that economic theory is not violated, while the shocks are still recursively identified. We solve this optimization … “almost recursively identified approach with parameter restrictions” leads to a solution that avoids an estimation bias …, generates theory-consistent impulse responses, and is as close as possible to the recursive scheme …

Persistent link: https://www.econbiz.de/10014262412

The Effect of News Shocks and Monetary Policy

Görtz, Christoph - 2019

A VAR model estimated on U.S. data before and after 1980 documents systematic differences in the response of short- and long-term interest rates, corporate bond spreads and durable spending to news TFP shocks. Interest rates across the maturity spectrum broadly increase in the pre-1980s and...

Persistent link: https://www.econbiz.de/10012889175

Behavioral New Keynesian Models : Learning vs. Cognitive Discounting

Meggiorini, Greta; Milani, Fabio - 2021

This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...

Persistent link: https://www.econbiz.de/10013229788