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The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model

Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2021

Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...

Persistent link: https://www.econbiz.de/10013318057

Causal Effects of Monetary Shocks : Semiparametric Conditional Independence Tests with a Multinomial Propensity Score

Angrist, Joshua D.; Kuersteiner, Guido M. - 2021

dependent data and allowing for first-step estimation of the propensity score …

Persistent link: https://www.econbiz.de/10013325071

Counterfactual Analysis in Macroeconometrics : An Empirical Investigation into the Effects of Quantitative Easing

Pesaran, M. Hashem - 2012

This paper is concerned with ex ante and ex post counterfactual analyses in the case of macroeconometric applications where a single unit is observed before and after a given policy intervention. It distinguishes between cases where the policy change affects the model's parameters and where it...

Persistent link: https://www.econbiz.de/10013104950

How Important are Fixed Effects and Time Trends in Estimating Returns to Schooling? Evidence from a Replication of Jacobson, Lalonde and Sullivan, 2005

Dynarski, Susan M. - 2018

A substantial and rapidly growing literature has developed around estimating earnings gains from two-year college degrees using administrative data. These papers almost universally employ a person-level fixed effects strategy to estimate earnings premia net of fixed attributes. We note that the...

Persistent link: https://www.econbiz.de/10012906533

Monetary Persistence, Imperfect Competition, and Staggering Complementarities

Merkl, Christian; Snower, Dennis J. - 2021

This paper explores the influence of wage and price staggering on monetary persistence. We show that, for plausible parameter values, wage and price staggering are complementary in generating monetary persistence. We do so by proposing the new measure of quantitative inertia, after discussing...

Persistent link: https://www.econbiz.de/10013316832

Distributional Impact Analysis : Toolkit and Illustrations of Impacts Beyond the Average Treatment Effect

Bedoya Arguelles, Guadalupe - 2018

literature: estimation of impacts on outcome distributions and estimation of the distribution of treatment impacts.The article …

Persistent link: https://www.econbiz.de/10012909964

Policy Evaluation Using Causal Inference Methods

Fougère, Denis - 2020

This chapter describes the main impact evaluation methods, both experimental and quasi-experimental, and the statistical model underlying them. Some of the most important methodological advances to have recently been put forward in this field of research are presented. We focus not only on the...

Persistent link: https://www.econbiz.de/10012843149

Aggregation in Large Dynamic Panels

Pesaran, M. Hashem - 2011

Carlo experiments, where we also study the estimation of the aggregate effects of micro and macro shocks. The paper …

Persistent link: https://www.econbiz.de/10013129942

Home Ownership and Monetary Policy Transmission

Koeniger, Winfried - 2018

We present empirical evidence on the heterogeneity in monetary policy transmission across countries with different home ownership rates. We use household-level data together with shocks to the policy rate identified from high-frequency data. We find that housing tenure reacts more strongly to...

Persistent link: https://www.econbiz.de/10012906518

Implementing the Panel Event Study

Clarke, Damian - 2020

Many studies estimate the impact of exposure to some quasi-experimental policy or event using a panel event study … time. In this paper we discuss the set-up of the panel event study design in a range of situations, and lay out a number of … practical considerations for its estimation. We describe a Stata command eventdd that allows for simple estimation, inference …

Persistent link: https://www.econbiz.de/10012827337