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Hysteresis, endogenous growth, and monetary policy
Amador, Sebastián - 2022
I provide evidence of substantial hysteresis (i.e., a situation in which temporary shocks have longrun effects) from … identification by incorporating a mean-unbiased instrumental variable estimator. Results show substantial hysteresis in both human … long lasting responses. I evaluate the aggregate importance of monetary hysteresis with a growth accounting exercise …
Persistent link: https://www.econbiz.de/10013179301
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The Long-Run Effects of Monetary Policy
Jordà, Òscar - 2020
. Notably, the capital stock and total factor productivity (TFP) exhibit hysteresis, but labor does not. Money is non …
Persistent link: https://www.econbiz.de/10012842574
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Switching-track after the great recession
Vinci, Francesca; Licandro, Omar - 2021
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012533939
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Endogenous growth, skill obsolescence and output hysteresis in a New Keynesian model with unemployment
Lechthaler, Wolfgang; Tesfaselassie, Mewael F. - 2020
contractionary effect on output. The temporary growth slowdown translates into output hysteresis (permanently lower output and labor …
Persistent link: https://www.econbiz.de/10012269664
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Endogenous technology, scarring and fiscal policy
Schmöller, Michaela - 2022
occur endogenously through hysteresis effects in TFP. Both demand- and supply-driven recessions can weaken investment in R …
Persistent link: https://www.econbiz.de/10013463787
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Lower for longer under endogenous technology growth
Schmöller, Michaela; Spitzer, Martin - 2022
is due to the long-run non-neutrality of money and the hysteresis effects in TFP through which ELB episodes generate …
Persistent link: https://www.econbiz.de/10013172492
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Lower for longer under endogenous technology growth
Schmöller, Michaela; Spitzer, Martin - 2022
is due to the long-run non-neutrality of money and the hysteresis effects in TFP through which ELB episodes generate …
Persistent link: https://www.econbiz.de/10013342235
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Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?
Gokhale, Jagadeesh - 2009
Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...
Persistent link: https://www.econbiz.de/10013155688
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Price selection
Carvalho, Carlos Viana de; Kryvtsov, Oleksiy - 2021
Price selection is a simple, model-free measure of selection in price setting and its contribu- tion to in ation dynamics. It exploits comovement between in ation and the level from which adjusting prices departed. Prices that increase from lower-than-usual levels tend to push in a- tion above...
Persistent link: https://www.econbiz.de/10012597232
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Goldilocks : American precious metals and the rise of the west
Chen, Yao; Palma, Nuno; Ward, Felix - 2022
We estimate the contribution of the American precious metal windfall to West Europe's growth performance in the early modern period. The exogenous nature of American money arrivals allows for identification of monetary effects. We find that more than half of West Europe's growth can be...
Persistent link: https://www.econbiz.de/10013375305