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The Fed's real reaction function : monetary policy, inflation, unemployment, inequality and presidential politics
Galbraith, James K. (contributor);  … - 2007
Using a VAR model of the American economy from 1984 to 2003, we find that, contrary to official claims, the Federal Reserve does not target inflation or react to inflation signals.ʺ Rather, the Fed reacts to the very realʺ signal sent by unemployment, in a way that suggests that a baseless...
Persistent link: https://www.econbiz.de/10003727095
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The Fed's Real Reaction Function Monetary Policy, Inflation, Unemployment, Inequality - and Presidential Politics
Galbraith, James K.; Giovannoni, Olivier G.; Russo, Ann J. - 2007
inequality - a domain where the Fed refuses responsibility. Finally, we test whether Federal Reserve policy has exhibited a …
Persistent link: https://www.econbiz.de/10014224945
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Are Real Wages Procyclical Conditional on a Monetary Policy Shock?
Ma, Eunseong - 2020
It is well-known that real wages are procyclical conditional on a monetary policy shock. This paper challenges this conventional view by using a quantitative heterogeneous-agent New Keynesian economy with sticky wages. In the model with benchmark calibration, the wage rate per effective unit of...
Persistent link: https://www.econbiz.de/10014091478
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Wage inequality under inflation-targeting in South Africa
Merrino, Serena - 2020
This paper aims at providing new evidence over the effect of conventional monetary policy shocks on wage inequality …
Persistent link: https://www.econbiz.de/10012240650
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How does monetary policy affect income and wealth inequality? : evidence from quantitative easing in the euro area
Lenza, Michele; Slacalek, Jirka - 2018
contrast, monetary policy has only negligible effects on wealth inequality. …
Persistent link: https://www.econbiz.de/10011921470
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Monetary policy and wealth inequality over the great recession in the UK : an empirical analysis
Mumtaz, Haroon; Theophilopoulou, Angeliki - 2019
inequality from 2005 to 2016 at the monthly frequency. We investigate the dynamic relationship between monetary policy and the … evolution of wealth inequality measures. Our findings suggest that expansionary monetary policy shocks lead to an increase in … wealth inequality and contributed significantly to its fluctuations. This effect is heterogenous across the wealth …
Persistent link: https://www.econbiz.de/10012120339
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Monetary policy and household inequality
Ampudia, Miguel; Georgarakos, Dimitris; Slacalek, Jirka; … - 2018
affects income and wealth inequality. We then illustrate quantitatively how various channels of transmission - net interest …
Persistent link: https://www.econbiz.de/10011877402
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How Do Adaptive Learning Expectations Rationalize Stronger Monetary Policy Response in Brazil?
Dizioli, Allan; Wang, Hou - 2023
This paper estimates a standard Dynamic Stochastic General Equilibrium (DSGE) model that includes a wage and price Phillip's curves with different expectation formation processes for Brazil and the USA. Other than the standard rational expectation process, we also use a limited rationality...
Persistent link: https://www.econbiz.de/10014254728
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Monetary policy effects on bank loans in Germany : a panel-econometric analysis
Worms, Andreas - 2001
A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic panel estimations based on a dataset that comprises...
Persistent link: https://www.econbiz.de/10011419446
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Financial investment constraints : a panel threshold application to German firm level data
Tarassow, Artur - 2014
This paper attempts to test whether financial supply-side shifts explain the low-investment climate of private firms in Germany. The core contention is that a firm's financial position contributes to its access to external finance on credit markets. Special emphasizes is put on small and...
Persistent link: https://www.econbiz.de/10010425733