Narrow search
Showing 1 - 10 of 15,985
Cover Image
Structural Transformation, Services Deepening, and the Transmission of Monetary Policy
Galesi, Alessandro - 2016
Advanced economies are undergoing a structural transformation from manufacturing to services. We document that structural change comes with a process of services deepening: over time, both services and manufacturing become more intensive in service inputs. We argue that structural transformation...
Persistent link: https://www.econbiz.de/10012986126
Cover Image
Time-to-Build Approach in a Sticky Price, Sticky Wage Optimizing Monetary Model
Casares, Miguel - 2021
endogenous capital, sticky prices, sticky wages, and adjustment costs of investment, can replicate a lag in the maximum response … investment projects …
Persistent link: https://www.econbiz.de/10013320235
Cover Image
Debt dynamics and monetary policy : a note
Laséen, Stefan; Strid, Ingvar - 2013
"Leaning against the wind" - a tighter monetary policy than necessary for stabilizing inflation around the inflation target and unemployment around a long-run sustainable rate - has been justified as a way of reducing household indebtedness. In a recent paper Lars Svensson claims that this...
Persistent link: https://www.econbiz.de/10010227164
Cover Image
More money for some : the redistributive effects of open market operations
Bustamante, Christian - 2021 - Last updated: September 29, 2021
Using a general equilibrium search-theoretic model of money, I study the distributional effects of open market operations. In my model, heterogeneous agents trade bilaterally among themselves in a frictional market and save using cash and illiquid short-term nominal government bonds. Wealth...
Persistent link: https://www.econbiz.de/10012627938
Cover Image
Interest Rate Rules and Multiple Equilibria in the Small Open Economy
Zanna, Luis-Felipe - 2004
In a small open economy model with traded and non-traded goods this paper characterizes conditions under which interest rate rules induce aggregate instability by generating multiple equilibria. These conditions depend not only on how aggressively the rule responds to inflation, but also on the...
Persistent link: https://www.econbiz.de/10014073812
Cover Image
Why so Low for so Long? A Long-Term View of Real Interest Rates
Borio, Claudia - 2018
real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 … for 19 countries, our systematic analysis casts doubt on this view. The link between real interest rates and saving-investment … determinants appears tenuous. While it is possible to find some relationships consistent with the theory in some periods …
Persistent link: https://www.econbiz.de/10012931472
Cover Image
Why So Low for So Long? A Long-Term View of Real Interest Rates
Borio, Claudio E. V. - 2017
real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 … for 19 countries, our systematic analysis casts doubt on this view. The link between real interest rates and saving-investment … determinants appears tenuous. While it is possible to find some relationships consistent with the theory in some periods …
Persistent link: https://www.econbiz.de/10012941033
Cover Image
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/10012886884
Cover Image
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
Cover Image
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/10013282458