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Price rigidities and the granular origins of aggregate fluctuations

Pasten, Ernesto; Schoenle, Raphael; Weber, Michael - 2017

We study the aggregate implications of sectoral shocks in a multi-sector New Keynesian model featuring sectoral heterogeneity in price stickiness, sector size, and input-output linkages. We calibrate a 341 sector version of the model to the United States. Both theoretically and empirically,...

Persistent link: https://www.econbiz.de/10011732756

Price rigidities and the granular origins of aggregate fluctuations

Pasten, Ernesto; Schoenle, Raphael; Weber, Michael - 2017 - This version: August 2017

Persistent link: https://www.econbiz.de/10011717236

Big G

Cox, Lydia; Müller, Gernot J.; Pasten, Ernesto; … - 2020

Persistent link: https://www.econbiz.de/10012231535

Big G

Cox, Lydia; Müller, Gernot J.; Pasten, Ernesto; … - 2020

Persistent link: https://www.econbiz.de/10012230354

Big G

Cox, Lydia; Müller, Gernot J.; Pasten, Ernesto; … - 2020

Persistent link: https://www.econbiz.de/10012249527

Flexible prices and leverage

D'Acunto, Francesco; Liu, Ryan; Pflueger, Carolin E.; … - 2017

Persistent link: https://www.econbiz.de/10011613231

Monetary policy and the stock market : time-series evidence

Neuhierl, Andreas; Weber, Michael - 2016

We construct a slope factor from changes in federal funds futures of different horizons. Slope predicts stock returns at the weekly frequency: faster monetary policy easing positively predicts excess returns. Investors can achieve increases in weekly Sharpe ratios of 20% conditioning on the...

Persistent link: https://www.econbiz.de/10011566444

Monetary policy through production networks : evidence from the stock market

Ozdagli, Ali; Weber, Michael - 2017 - This version: May 2017

Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...

Persistent link: https://www.econbiz.de/10011657891

Forward guidance and household expectations

Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2020

of inflation, mortgage rates, and unemployment to the effects of communication about future inflation in a randomized … then provide 22 different forms of information regarding past, current and/or future inflation and interest rates … beyond one year do not have any additional impact on forecasts. Exogenous variation in inflation expectations transmits into …

Persistent link: https://www.econbiz.de/10012177886

Does policy communication during COVID work?

Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael - 2020

Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households' expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations...

Persistent link: https://www.econbiz.de/10012231514