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Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the … projections and high dimensional fixed effects, we show that a one standard deviation contractionary monetary policy shock …
Persistent link: https://www.econbiz.de/10012607460
Persistent link: https://www.econbiz.de/10001625012
exported primary commodities, imported capital goods and intermediate inputs, and a financial shock, modeled as fluctuations in …
Persistent link: https://www.econbiz.de/10013321425
We build a two-country version of the model in Gali & Monacelli (2005), which extends for a small open economy the new Keynesain DSGE model used as tool for monetary policy analysis in closed economies. A distinctive feature of the model is that the terms of trade enters directly into the new...
Persistent link: https://www.econbiz.de/10012038711
Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the … projections and high dimensional fixed effects, we show that a one standard deviation contractionary monetary policy shock …
Persistent link: https://www.econbiz.de/10013215164
Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the … projections and high dimensional fixed effects, we show that a one standard deviation contractionary monetary policy shock …
Persistent link: https://www.econbiz.de/10013216670
and stochastic shock volatility. The first policy regime responds passively to movements in inflation, adjusting the …
Persistent link: https://www.econbiz.de/10012121979
Persistent link: https://www.econbiz.de/10012243170
This paper analyzes the contribution of anticipated capital and labor tax shocks to business cycle volatility in an …
Persistent link: https://www.econbiz.de/10009748254
allow for low-frequency variation in the volatility of the shocks, and 2) the estimated degrees of freedom are quite low for … exclude the Great Recession from the sample. We also show that inference about low-frequency changes in volatility - and, in …
Persistent link: https://www.econbiz.de/10010219714